The numbers: An index of pending-home sales fell 2.5% in July, the National Association of Realtors stated Thursday. The drop follows two straight month-to-month positive aspects. Economists had forecast a zero.three% decline in July.
What occurred: All the 4 areas of the nation noticed a decline in contract signings for present houses, with the most important decline in the West.
In the Northeast, sales fell 1.6%, whereas sales in the South fell 2.four%. Sales have been down 2.5% In the Midwest and three.four% in the West.
Compared to 12 months in the past, contract signings fell zero.three% in July.
Big image: The eight-month drop in mortgage charges is sparking rather more refinancing exercise than home shopping for.
What are they saying? “Super low mortgage rates have not yet consistently pulled buyers back into the market,” stated Lawrence Yun, the NAR’s chief economist. “Economic uncertainty is no doubt holding back some potential demand, but what is desperately needed is more supply of moderately priced homes.”
Market response: Stocks have been greater on stories China and the U.S. may be in search of methods to tug again from an all-out commerce struggle. The S&P 500
index was up 36 factors to 2,923 in morning buying and selling.