US July pending home sales -5.5% vs +0.4% expected

• Prior was +4.8%
• Index 70.2 vs 74.3 prior (lowest ever)

The index shows how far pending home sales have fallen. There was a big jump last month but it’s right back into the doldrums now and below the pandemic lows.

According to NAR Chief Economist Lawrence Yun, “A sales recovery did not
occur in midsummer. The positive impact of job growth and higher
inventory could not overcome affordability challenges and some degree of
wait-and-see related to the upcoming U.S. presidential election.”

Regionally, the midwest and south r

This article was written by Adam Button at www.forexlive.com.