"The positive impact of job growth and higher inventory could not overcome affordability challenges and some degree of wait-and-see related to the upcoming US presidential election," said Lawrence Yun, the NAR's chief economist.
"Pending home sales fell in all four regions last month. Sales plummeted 8.5% on a year-on-year basis." This demonstrates the significant downturn across the nation in July.
Economists had forecast contracts, which become sales after a month or two, would rise 0.4%, showcasing the unexpected downturn in the housing market.
A Conference Board survey showed the share of consumers planning to buy a house over the next six months in August was the smallest since early 2013.
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