Pending Home Sales ~ July 2022

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Pending Home Sales, which measures signed contracts on existing homes, fell 1% in July, which is better than the 3% drop expected.
Year over year, sales are now down 20% year over year.
As expected, activity continues to slow, but the Chief Economist from the NAR, Lawrence Yun, believes that we are at or close to the bottom in contract signings.
He went on to say that home prices are still rising by double digits year over year, but annual gains should moderate to 5% by year end and into 2023. He also said that home sales should start to rise by early next year.

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