The National Association of REALTORS (NAR) has reported a 5.5% decline in pending home sales in July, with all four U.S. regions experiencing monthly losses. The Pending Home Sales Index (PHSI) slipped to 70.2 in July, the lowest reading since the index began tracking in 2001.

Regional Breakdown

The Northeast PHSI saw a 1.4% decline from last month to 64.6, an increase of 2.4% from July 2023. The Midwest index reduced by 7.8% to 67.8 in July, down 11.4% from one year ago.

The South PHSI sank 6.5% to 83.5 in July, falling 11.5% from the prior year. The West index shrunk 3.8% in July to 56.2, down 6.0% from July 2023.

What’s Causing the Slowdown?

According to NAR Chief Economist Lawrence Yun, “A sales recovery did not occur in midsummer… Affordability challenges and some degree of wait-and-see related to the upcoming U.S. presidential election” are contributing factors to the decline.

The Bottom Line

As we move forward, it’s essential for homebuyers and sellers to stay informed about market trends and changes. Keep an eye out for updates on existing-home sales and pending home sales in your region.

About The Real Estate Blvd

The Real Estate Blvd (TREB) is a leading real estate brokerage based in Orlando, Florida, serving Orange, Seminole, and Osceola counties. With a team of experienced Realtors and a deep understanding of the local market, we’re dedicated to delivering exceptional results and personalized service to our clients. Whether you’re buying, selling, or investing in property, TREB is your trusted partner for all your real estate needs.