US Pending Home Sales Index Slides to Lowest Level Since 2020
- NAR index of contract signings declined 7.1% in August to 71.8
- Sales dropped in all regions; West posted weakest reading ever
Homes in Irvine, California.
Photographer: Bing Guan/BloombergThis article is for subscribers only.
A gauge of pending US previously owned home sales fell in August to the lowest level since April 2020, evidence of a resale market throttled by higher mortgage rates.
The National Association of Realtors’ index of contract signings tumbled 7.1% to 71.8 from July, the group reported Thursday. The decline was larger than all estimates in a Bloomberg survey of economists.