U.S. Pending Home Sales Fell in July
By Jessica Coacci
The number of homes going under contract in the U.S. fell unexpectedly in July. Here are the main takeaways from the National Association of Realtors' report.
--The pending home sales index, a leading indicator of house sales based on contract signings, fell 2.3% in July to 71.2. Economists polled by The Wall Street Journal had forecast a 0.6% increase.
--"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 Dr. Lawrence Yun.
--The West region posted the sharpest month-over-month decline, falling 4.7%. Meanwhile, the Northeast region saw a 2% decrease.
--On the year, pending home sales fell 2.2%.
--"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.
Write to Jessica Coacci at jessica.coacci@wsj.com
(END) Dow Jones Newswires
August 18, 2026 10:14 ET (14:14 GMT)
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