#pending-home-sales

#pending-home-sales

With mortgage rates nearing 6%, an additional 5.5 million households that could not qualify for a mortgage one year ago would qualify at today's lower rates, Yun said in a statement. Most newly qualifying households do not act immediately, but based on past experience, about 10% could enter the marketpotentially adding roughly 550,000 new homebuyers this year compared with last year.

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.