9/28, 4:00 PM (Source: TeleTrader)
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US pending home sales fall 2% in August

Pending home sales in the United States decreased 2% in August month on month, the National Association of Realtors (NAR) said on Wednesday. The Pending Home Sales Index stood at 88.4.

On an annual basis, the index reading was 24.2% lower than in August 2021.

"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," Lawrence Yun, NAR chief economist, stated. "If mortgage rates moderate and the economy continues adding jobs, then home buying should also stabilize," he added and noted the mortgage rates will start stabilizing once inflation "calms down."

Baha Breaking News (BBN) / NP