Pending home sales slipped in July, as buyers reconsidered with prices hitting all-time highs. VNQ is up 0.45%, MORT is down 0.46%, and IYR is up 0.49%.
- The Pending Home Sales Index fell 1.8% both-month-on-month and 8.5% year-on-year to 110.7 in June. A 100 index is equivalent to activity in 2001.
- The Northeast PHSI fell 6.6% month-on-month and 16.9% year-on-year to 92.0.
- The Midwest PHSI dropped 3.3% month-on-month to 104.6. This is 8.5% lower than the same month last year.
- The smallest drop was in the South, where the PHSI declined 0.9% month-on-month and 6.7% year-on-year to 130.9.
- The West PHSI fell 1.9% month-on-month and 5.7% year-on-year to 99.8.
- NAR Chief Economist Lawrence Yun attributed the drop to the home-buying frenzy dispersing gradually across all the regions.
- Yun 27% of buyers bypassed appraisal and inspection contingencies in July 2021, making the home-buying process easier and quicker.