Pending home sales fell 5.4% in June, marking the largest monthly decline in several months as elevated mortgage rates and high home prices continued to weigh on buyers. Contract signings declined across all four U.S. regions, signaling that activity in the existing-home market is likely to remain subdued in the near term.
At the same time, new home sales increased by 1.6% in June as builders attracted buyers with incentives and a growing selection of more affordable homes, although they are down 5.2% from this time last year. New home sales are stronger in the Midwest, up 2.6%, but have dropped by 4.7% in the Northeast, 4.9% in the South and 10.1% in the West, according to the National Association of Home Builders’ Eye on Housing update.
