Pending Home Sales Fall 7 Percent

Pending Home Sales Fall 7 Percent

 

According to a trade association, pending sales of U.S. homes plunged 7 percent in July to their lowest level in more than three years.

 

The National Association of Realtors' Pending Home Sales Index, based on contracts signed in July, fell to a seasonally adjusted 105.6 in July from a downwardly revised 113.5 in June.

 

The 7 percent drop was the biggest the index ever posted, the trade group said. The index dates back to January 2001.

 

The index was down 16 percent in July compared to a year ago.

 

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