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 File)
Share
|
Getting your Trinity Audio player ready...
|
WASHINGTON — Contracts to buy previously owned U.S. homes fell more than expected in July as higher mortgage rates and a slowing labor market sidelined prospective homeowners.
The National Association of Realtors said on Thursday pending home sales, based on signed contracts, slipped 0.4% last month. Economists polled by Reuters had forecast contracts, which become sales after a month or two, dipping 0.1%. Pending home sales rose 0.7% from a year earlier.
High mortgage rates have undercut the housing market. Though mortgage rates have eased from this year’s lofty levels on expectations that the Federal Reserve would resume cutting interest rates in September, they remain elevated. A slowing labor market is also becoming a constraint for home sales.
“Even with modest improvements in mortgage rates, housing affordability, and inventory, buyers still remain hesitant,” said Lawrence Yun, the NAR’s chief economist.
—
(Reporting by Lucia Mutikani; Editing by Andrea Ricci)
RELATED TOPICS:
Categories
Fresno-Bound Passenger Says Delta Attendant Slapped Him, Seeks $20M
Valley Crime Stoppers’ Most Wanted Person of the Day: Nakisha Dennice Warwick
Israel Steps up Bombardment of Gaza City, Kills 16 People Around Enclave, Medics Say
Fresno vs. Clovis: Which City Is Cheaper to Live in Right Now?
Europeans Launch UN Sanctions Process Against Iran, Drawing Tehran Ire
Fresno Police to Hold DUI Checkpoint on Labor Day Weekend
