US pending home sales fall 2.3pc in July

(Sharecast News) - US pending home sales fell in July, dropping 2.3% from June and 2.2% year‑on‑year, according to the latest update from the National Association of Realtors. Contract signings slipped to their lowest level since January 2026, with month‑on‑month declines recorded across all four major US regions.

On an annualised basis, the Midwest was the only region to show an increase, while the Northeast, South and West all posted year‑over‑year declines.

"The highest mortgage rates of the year hit right in the middle of summer, and that's pulling back contract signings," said NAR chief economist Lawrence Yun. "Home prices are at record highs so houses for sale are sitting on the market longer, and fewer buyers are bidding above the asking price than a year ago, though there are large local market variations."

Yun noted that job gains should bring more buyers into the market, especially if mortgage rates stabilize or decline, though he also said that impact "takes time to show up".

"Right now, pending contracts are 30% below their pre-pandemic 2019 level, while payroll employment is 5% above. That gap points to sizable pent-up demand that should be unleashed in the coming years as more supply reaches the market and affordability improves," concluded Yun.



Reporting by Iain Gilbert at Sharecast.com