U.S. Existing Home Pending Sales Drop to Lowest Level Since Start of Year

U.S. existing home pending sales fell to their lowest level since the start of the year in July, reflecting a real estate market heavily burdened by high mortgage rates and home prices.

Data from the National Association of Realtors (NAR) shows that the Pending Home Sales Index dropped 2.3% to 71.2, the lowest since January and tying for the second-worst reading since data collection began in 2001. Economists surveyed had originally expected the index to remain flat. Demand declined across all four major U.S. regions during the month. In the South, the nation's largest home sales region, the pending sales index fell 2.2% to its lowest level since January 2025. Pending sales in the West dropped 4.7%.