A gauge measuring pending home sales activity fell to the lowest level in more than two decades in July amid an environment of high mortgage rates and political uncertainty, according to the National Association of Realtors (NAR).
Pending home sales declined by 5.5 percent in July, with all four U.S. regions—Northeast, Midwest, South, and West—reporting monthly losses as well, according to an Aug. 29 statement. The Pending Home Sales Index, which measures home sales based on contract signings, fell in July to the lowest reading since the index began in 2001.
