US Home Sales Tanking: Industry Leaders Weigh In on What’s Next
For the third straight month in a row, pending U.S. home sales have plunged, the National Association of Realtors (NAR) recently reported. At the end of August, three out of four major regions experienced month-over-month declines in real estate transactions, with only the West seeing a slight gain. Year-over-year, all four regions indicated double-digit decreases.
“The direction of mortgage rates—upward or downward—is the prime mover for home buying, and decade-high rates have deeply cut into contract signings,” said NAR Chief Economist Lawrence Yun in a statement. “If mortgage rates moderate and the economy continues adding jobs, then home buying should also stabilize.”…