Indicators
US Pending Home Sales Dip for Seventh Time in 2022 as Rates Rise
- Contract signings fell 2% to second-lowest level since 2011
- Mortgage rates continue to climb, reach highest since 2008
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US pending home sales fell in August for the seventh time this year, extending the housing market’s downturn as high borrowing costs sideline prospective buyers.
The National Association of Realtors’ index of contract signings to purchase previously owned homes decreased 2% last month to 88.4 -- the lowest since 2011, excluding the immediate aftermath of the pandemic -- according to data released Wednesday. The median estimate in a Bloomberg survey of economists called for a 1.5% drop.