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Zillow says pending home sales slipped after July’s 7% surge
Zillow Research cited mortgage rates at their highest level in a year as a key factor behind the sharp drop in newly pending sales from June.
Zillow Research reported that the housing market saw a 7.0% jump in July sales, but leading indicators suggest activity may slow during the second half of the year.
In Zillow’s July Market Report, newly pending sales fell sharply from June, pointing to less momentum after the month’s gain.
The report links the cooling trend to mortgage rates, which it said reached their highest point in a year, weighing on buyers’ ability to afford homes.
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