The Pending US home sales fell 1.9% in June, disappointing the expected 0.3% rise. On a positive note, the data for May has been revised upwards, rising from 8% to 8.3%.
Year-on-year, home sales have also decreased by 1.9% after growing 13.1% the previous month.
“Pending sales have fluctuated since January, indicating a turning point for the market,” said Lawrence Yun, chief economist at NAR. “Buyers are still interested and want to own a home, but Record property prices are causing some to back down“.
“The moderate slowdown in sales is largely due to the huge rise in home prices,” Yun continued. “The Midwest region offers the most affordable costs for a home, and therefore that region has seen better sales activity compared to other areas in recent months.”
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