"Pending-home sales slid in July despite improvements in housing supply, affordability and mortgage rates as buyers remained on the sidelines, the National Association of REALTORS® said. The pace of sales ticked 0.4% lower month over month and 0.7% lower year over year nationwide, NAR said, adding that the West was the only geographic region to see a monthly gain, while the Midwest and South were the only areas with annual increases."
"Even with modest improvements in mortgage rates, housing affordability and inventory, buyers still remain hesitant, NAR Chief Economist Lawrence Yun said. Rising mortgage applications for home purchase are an early indicator of more serious buyers in the marketplace, though many have not yet committed to a pending contract. The Federal Reserve signaling that they may enact a lower interest rate policy should steadily enlarge the pool of eligible home buyers in the upcoming months."
Boston condo affordability significantly influences the Boston condo-for-sale market. Pending-home sales softened in July with a 0.4% monthly decline and a 0.7% year-over-year decrease nationwide. The West posted the only monthly gain, while the Midwest and South showed annual increases. Buyers remained hesitant despite modest improvements in mortgage rates, housing affordability, and inventory. Rising mortgage applications indicate more serious buyer interest, though many have not committed to contracts. Historically low interest rates coincided with rising home prices and near-record-low supply, limiting purchase activity. Federal Reserve signaling about potential lower interest rate policy could expand the pool of eligible buyers in upcoming months.
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