Housing Has Fallen Off the Cliff and Will Keep Falling – Mish Talk

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Pending Home Sales Fell 8.6% in June

New home sales are recorded at signing. Existing home sales are reported at closing. Pending home sales in June is a leading indicator of the existing home sales reports for July and August.

The National Association of REALTORS® reports Pending Home Sales Fell 8.6% in June

Key Highlights

  • Pending home sales declined 8.6% from May as escalating mortgage rates and housing prices impacted potential buyers.
  • Pending sales retreated in all four major regions, with the West experiencing the largest monthly decline.
  • Compared to the previous year, contract signings dropped by double digits in each region as pending sales in the West were down by nearly a third.

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