Economic Buzz: US Pending Home Sales Drop In August

29 Sep 2022 , 09:08 AM

A report released by the National Association of Realtors on Wednesday showed pending home sales in the U.S. fell for the third straight month in August, with the decrease exceeding economist estimates. Pending home sales index dove by 2.0 percent to 88.4 in August after falling by 0.6 percent to a revised 90.2 in July. A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale. Citing the current interest rate environment and weaker economic activity, NAR said it expects existing home sales to plummet by 15.2 percent in 2022. New home sales are projected to show a 20.9 percent nosedive. Powered by Commodity Insights