US Pending Home Sales Drop for 2nd Month
In July 2025, the United States experienced a 0.4% decline in pending home sales compared to the previous month, continuing the trend from the 0.8% decrease seen in June. This marks the first instance of consecutive monthly declines since January. The decline was observed across three regions: the Northeast, which saw a drop of 0.6%, the Midwest at 4.0%, and the South with a slight decrease of 0.1%. Conversely, these decreases were partially counterbalanced by a significant 3.7% increase in the West. Lawrence Yun, the Chief Economist at the National Association of Realtors (NAR), noted, "Despite some modest improvements in mortgage rates, housing affordability, and available inventory, buyers are still approaching the market with caution. Purchasing a home represents one of the most significant financial decisions individuals make, which means that entering into a contract is a decision made with considerable deliberation. Buyers tend to take their time to ensure both the timing and the choice of home are optimal for their circumstances."
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