The July pending home sales index indicates a significant decline, dropping 8.5% year-over-year and 5.5% month-over-month to one of the lowest levels in history.
Lawrence Yun, NAR Chief Economist, highlighted that positive factors like job growth and higher inventory are overshadowed by challenges in affordability and uncertainty about the upcoming presidential election.
With rates set to drop further, it is projected that home sales might rebound post-election as both the market adjusts and buyers regain confidence.
According to Gabe Abshire, CEO of Move Concierge, the upcoming decrease in mortgage rates could stimulate movement in the housing market as buyers adapt to new rules.
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