US Pending Home Sales Fall Again on Affordability Constraints
"For Sale" and "Sale Pending" signs in Seattle.
Photographer: David Ryder/BloombergUS pending sales of existing homes fell for a second month in July as potential buyers balked at still-elevated prices and borrowing costs, consistent with a sluggish housing market.
An index of contract signings slipped 0.4% last month to 71.7, around where it’s lingered for much of the year, according to National Association of Realtors data released Thursday. The median estimate of economists surveyed by Bloomberg projected a 0.2% drop in July.