9/28, 4:01 PM (Source: TeleTrader)
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US pending home sales down 7.1% in August

Pending home sales in the United States slipped 7.1% in August on a monthly basis, with the index at 71.8, the National Association of Realtors (NAR) shared in its report released on Thursday. On an annual level, the figure plunged 18.7%.

According to the report, the potential government shutdown and future monetary policy decisions by the Federal Reserve could further slow home sales in the short term.

"Mortgage rates have been rising above 7% since August, which has diminished the pool of home buyers," NAR Chief Economist Lawrence Yun stated, adding that "it's clear that increased housing inventory and better interest rates are essential to revive the housing market."

Baha Breaking News (BBN) / JJ