The July pending home sales figure fell 2.3% m/o/m and follows a 4.8% decline in June. The estimate was for no change. All regions fell with the smallest decline in the Midwest where the homes are most affordable.
From the NAR, “The highest mortgage rates of the year hit right in the middle of summer, and that’s pulling back contract signings. 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.”
I’ll leave the bottom line to the CFO of Home Depot who told CNBC today prior to their earnings call that “We continue to operate in what I call ‘frozen housing market conditions.’ “
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