A mixed picture when it comes to home sales – By Mary Chao (Scripps News) / Aug 28, 2023
Home sales were down in July, but pending sales were up.
How is the housing market?
It depends on whether it’s viewed from a past or future perspective.
Home sales were down 2.2% in July compared to a month earlier, according to the National Association of Realtors. But pending home sales — meaning deals that are expected to close — rose slightly, by 0.7%. It’s a signal that while home sales may still be sluggish, buyers may be adjusting to the new normal of higher mortgage rates.
According to real estate website Redfin, pending sales fell 15.7% year over year, the smallest annual decline since last summer. Pending sales have stabilized as the impact of higher mortgage rates has subsided.
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