US pending home sales slid 2.5% in July in sign of slowdown
WASHINGTON (AP) — Fewer Americans signed contracts to buy homes in July, signaling that the housing market has yet to enjoy a strong bounce from lower mortgage rates.
The National Association of Realtors says its pending home sales index fell 2.5% to 105.6 in July. Pending home sales have slipped 0.3% from a year ago as uncertainty has mounted about the health of the economy.
Sales have also been hampered by the lack of available homes on the market, which has contributed to home prices climbing faster than incomes and pricing out some would-be buyers. The long-standing shortage of sales listings and persistently high prices have blunted the benefits of mortgage rates nearing all-time lows.
Pending sales is a measure of home purchases that are usually completed a month or two later.