Pending Home Sales Down 1% in July
The National Association of Realtors is reporting that pending home sales were down 1% in July, 2022. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) dipped to 89.8. The NAR once again predicts home sales should start to rise by early 2023. Indeed…
“Home prices are still rising by double-digit percentages year-over-year, but annual price appreciation should moderate to the typical rate of 5% by the end of this year and into 2023…With mortgage rates expected to stabilize near 6% alongside steady job creation, home sales should start to rise by early next year.” Said Lawrence Yun, the NAR’s Chief Economist.
Click here to read the full report at the National Association of Realtors.
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