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4h ago

Pending Home Sales Slip 0.4% in July, Missing Forecasts

Record contract cancellations highlight a market constrained by affordability.

A Town of North Hempstead building permit stands in front of a home on the North Shore of Long Island city of Manhasset, New York, U.S., August 13, 2025. REUTERS/Shannon Stapleton/File Photo
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Overview

  • Signed contracts fell 0.4% from June, versus a 0.1% decline expected, leaving the Pending Home Sales Index at 71.7 and up 0.7% from a year earlier.
  • Redfin reports 15% of July contracts were canceled, the highest rate since it began tracking the metric in 2017.
  • Regional results were mixed: the West rose 3.7%, the Northeast fell 0.6%, the Midwest dropped 4.0%, and the South dipped 0.1%.
  • NAR’s survey shows muted demand signals, with 16% of members expecting more buyer traffic and 21% expecting more seller traffic in the next three months.
  • Mortgage rates edged higher during July before easing in August, and NAR’s Lawrence Yun says potential Fed rate cuts could broaden the pool of eligible buyers.