The drop in contract signings to buy previously owned homes indicates a pause in buyer interest despite falling mortgage rates, a firm job market and steady income gains.
Contract signings to purchase previously owned U.S. homes fell in July by the most since early 2018, indicating a pause in buyer interest even against a backdrop of falling mortgage rates, a firm job market and steady income gains.
Signings decreased in all four regions of the nation, led by a 3.4% drop in the West. Pending sales in the South, the biggest region, decreased 2.4%.
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