In Mid-Summer, US pending home sales fell ↓2.3% MoM and ↓2.2% yearly, showing softer contract activity as buyers navigated a tougher affordability backdrop.
MoM contract signings declined across all four major US regions in Mid-Summer. Yearly activity improved only in the Midwest and softened elsewhere.
The West saw the sharpest Mid-Summer pullback, with pending sales ↓4.7% MoM and ↓7.1% yearly, while the Midwest posted the only yearly gain.
An economist said the year's highest mortgage rates hit in Mid-Summer, while record-high prices kept listings active longer and cooled above-ask offers.
That economist said job gains could bring more buyers back if mortgage rates stabilize or ease, with improving supply and affordability supporting future demand.