Pending Home Sales Fall To Lowest Level Since January
By CU Today Staff —
WASHINGTON — Pending home sales fell 2.3% in July from June and were down 2.2% from a year earlier, dropping to their lowest level since January 2026, according to the National Association of Realtors.
Contract signings declined month over month in all four major U.S. regions.
Year over year, pending sales increased in the Midwest but declined in the Northeast, South and West.
“The highest mortgage rates of the year hit right in the middle of summer, and that’s pulling back contract signings,” said NAR Chief Economist Lawrence Yun. “Home prices are at record highs so houses for sale are sitting on the market longer, and fewer buyers are bidding above the asking price than a year ago, though there are large local market variations.”
Yun said job growth and lower or more stable mortgage rates could eventually bring buyers back.
“Right now, pending contracts are 30% below their pre-pandemic 2019 level, while payroll employment is 5% above,” he said. “That gap points to sizable pent-up demand that should be unleashed in the coming years as more supply reaches the market and affordability improves.”
Originally reported by CU Today.