According to the National Association of Realtors, pending home sales—a gauge of contracts that have been signed on existing homes were down 1% from June to July. Sales were 19.9% lower than they were a year earlier.
The number, which serves as a projection of closed sales, has decreased for eight of the previous nine months as rising mortgage rates have made housing more expensive. nnThe average mortgage payment increased by 54% from a year earlier as a result of higher rates, according to the NAR.
The sales decline was less severe than in recent months, which would indicate that the market is leveling out, if only temporarily.
According to Mortgage News Daily, mortgage rates have been steadily rising this year, reaching a peak in June before dipping slightly in July.
