U.S. pending-home sales fell in June by 8.6%, according to the National Association of Realtors. The drop in pending home sales is the biggest since the depths of the pandemic in April and March 2020. It follows gloomy data on new home sales, builder confidence, as well as declining mortgage application volume.

The index reflects transactions where the contract has been signed for an existing-home sale, but the sale has not yet closed. Economists view it as an indicator for the direction of existing- home sales in subsequent months. “Home sales will be down by 13% in 2022, according to our latest projection,” NAR Chief Economist Lawrence Yun said.
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