U.S. pending-home sales fell in August, the National Association of Realtors said on Thursday.
The numbers: Contract signings on U.S. homes fell sharply in August, as the housing market was hammered by high rates and a scarcity of home listings.
The figure was sharper than what Wall Street expected. Economists were expecting pending home sales to fall 1% in August.Pending home sales reflect transactions where the contract has been signed for the sale of an existing home, but the sale has not yet closed. Economists view it as an indication of the direction of existing-home sales in subsequent months.Resale homes have felt the brunt of high rates more so than home builders, who are able to offer lower rates on newly built homes.
What the realtors said: “It’s clear that increased housing inventory and better interest rates are essential to revive the housing market,” NAR Chief Economist Lawrence Yun said.
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