Home sales fell in the US

The National Association of Realtors (NAR) announced the pending home sales index for August.

Consequently, the US pending home sales index decreased 7.1 percent in August compared to the previous month, reaching 71.8.

Market expectations were that the data in question would decline by 0.8 percent. The pending home sales index was 77.3, with a monthly increase of 0.5 percent in July.

DECREASED BY 18.7 PERCENT

Pending home sales declined 18.7 percent year over year in August.

NAR Chief Economist Lawrence Yun, whose views were included in the statement, noted that rising mortgage interest rates above 7 percent reduced the number of people who wanted to buy a home, and noted that some of They readjusted their expectations about the houses according to their budgets.

Noting that rising stocks and better interest rates are needed to revive the housing market, Yun said the US Federal Reserve (Fed) should take into account the sharp slowdown in rent growth when evaluating monetary policy. future.

Yun argued there was no need to raise interest rates and said a possible government shutdown, lack of flood insurance or delays in issuing state-backed mortgages would disrupt some home sales in the near term.

Pending U.S. home sales data shows the change in the number of homes that have been sold and signed, but are still waiting because closing procedures have not been completed. (AA)