Pending Home Sales Drop to Second-Lowest on Record in July, West Hits New Low
In July, pending sales of existing homes in the U.S. decreased by 2.3% compared to June, marking the second-lowest level since July 2010, surpassed only by January 2023. Compared to July 2022, there was a 2.2% decline in sales. Every Census region experienced a downturn, with the West seeing a significant drop of 7.7%, reaching a record low. The South decreased by 2.2%, the Northeast by 2.0%, and the Midwest by 0.7%. Year-over-year figures reveal a 7.1% decline in the West, a 3.0% drop in the South, a 0.2% decrease in the Northeast, and a 1.7% increase in the Midwest. Pending sales are down 36% from July 2021 and 41% from July 2020, while mortgage rates averaged between 6.4% and 6.7% in July, viewed as high due to previous Federal Reserve actions.
Key facts
- Pending home sales fell 2.3% month-over-month in July, seasonally adjusted, to the second-lowest on record.
- The record low occurred in January 2025.
- Year-over-year, pending sales were down 2.2% in July.
- West region pending sales plunged 7.7% month-over-month to a record low.
- South region pending sales dropped 2.2% month-over-month, near record low.
- Compared to July 2021, pending sales are down 36%; compared to July 2010, down 9%.
- Supply of existing single-family homes is the highest in 10 years.
- Mortgage rates in July were between 6.4% and 6.7%, according to Freddie Mac.
- Housing market is completing a fourth year of sales mostly below housing bust lows.
Entities
Institutions
- National Association of Realtors
- Freddie Mac
- Federal Reserve
Locations
- United States
- West
- South
- Northeast
- Midwest