(NAR) Pending home sales in the US plunged 1.8% to an index of 110.7 in July from June and from a year ago, driven by demand falls on record high prices.
Compared to June, contract signings decreased in the Northeast and Midwest by 6.6% and 3.3% , correspondingly, while the South and West posted smaller declines of 0.9% and 1.9%.
Only the Northeast region recorded a 16.9% jump in contract signings compared to a year ago.
NAR’s chief economist Lawrence Yun said the inventory was increasing slowly as the frenzied offer of the houses listed in all the regions and the double-digit bids have dissipated.
SPDR Homebuilders ETF is up +0.34%.
