HomeReal EstateHome Sales Plummeted in August According to Pending Data

Home Sales Plummeted in August According to Pending Data

Pending home sales for August were down 7.1% from the previous month, data from the National Association of Realtors revealed. This far outpaces the 1% decline projected by Bloomberg economists and is also a stark contrast from the 0.9% monthly increase recorded in July.

Several property sector experts have attributed this sales decline to rising mortgage rates. “Mortgage rates have been rising above 7% since August, which has diminished the pool of homebuyers,” Lawrence Yun, NAR chief economist observed. According to Orphe Divounguy, senior economist at Zillow, higher mortgage rates, as well as seasonality, have contributed to falling sales, given that sales usually decline at this time of the year.

According to figures released by Freddie Mac, the 30-year fixed mortgage has risen to 7.23%; the highest since June 2001 when rates hit 7.24%.

Tesla Delays the Launch of U.S.-Made Affordable EV

Electric vehicle maker Tesla is delaying the launch of its U.S.-made affordable car for at least several months according to a newest report by...

Netflix’s Resilience Praised by Wall Street Analysts After Strong Q1 Earnings

Streaming giant Netflix continues to be championed by Wall Street analysts, who view the company as “resilient” in a tough economic environment after strong...

Fed to “Wait for Greater Clarity” Before Making Policy Adjustment Says Chair Jerome Powell

The Federal Reserve will wait to see the impact of recent sweeping tariffs on the U.S. economy before considering making policy adjustments, according to...