The Index of Pending Contracts for Existing Homes fell to 70.2, falling short of all expectations.
According to the National Association of Realtors, sales declined across all four U.S. regions, with the largest drops in the Midwest and South.
Even though mortgage rates are at their lowest level in the past 15 months, limited inventory and record prices are constraining demand.
Contract activity has been declining for over two years and is now below the levels seen during the 2020 pandemic and the 2008 financial crisis.
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