After two consecutive months of upward motion, pending home sales were in decline in July, according to the National Association of Realtors (NAR) Pending Home Sales Index (PHSI).
Last month, the PHSI fell by 2.5 percent to 105, down from 108.3 in June. The PHSI was down by 0.3 percent from July 2018.
All four regional indices were down: The Northeast dropped by 1.6 percent to 93.0, the Midwest tumbled 2.5 percent to 101.0, the South fell 2.4 percent to an index of 122.7, and the West slid 3.4 percent to 93.5.
“Super-low mortgage rates have not yet consistently pulled buyers back into the market,” said Lawrence Yun, NAR chief economist. “Economic uncertainty is no doubt holding back some potential demand, but what is desperately needed is more supply of moderately priced homes.”