Real Estate
Home›Real Estate›Residential›Pending home sales slide after July surge as mortgage…
Pending home sales slide after July surge as mortgage rates rise
Zillow Research said newly pending sales fell sharply in July’s follow-up data, pointing to weaker activity in the second half despite a 7.0% sales increase reported for July.
Zillow Research said home sales rose 7.0% in July, but early leading indicators suggest the pace may slow in the second half.
The outlet reported that newly pending sales fell sharply from June, a shift it linked to mortgage rates reaching their highest level in a year.
Zillow Research said the combination of stronger July activity and weaker pending-home trends indicates the July bump may not carry through as rates stay elevated.
The Zillow July market report focuses on those leading indicators to gauge near term momentum in the housing market.