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Pending Home Sales Drop 5.5% in July

  • August 30th

by UrbanTurf Staff

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Pending home sales fell in July as high home prices and borrowing costs hampered demand. 

The National Association of Realtors (NAR) announced Wednesday that home contract signings fell 5.5% last month compared to June. 

“A sales recovery did not occur in midsummer,” said NAR Chief Economist Lawrence Yun. “The positive impact of job growth and higher inventory could not overcome affordability challenges and some degree of wait-and-see related to the upcoming U.S. presidential election.”

With an expected rate cut in September, it will be interesting to see if the sales momentum comes back in the fall. 

See other articles related to: pending home sales

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/pending_home_sales_drop_55_in_july/22662.

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