Modest drop in upcoming US home sales

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Photo: ABM Financial News

(ABM FN-Dow Jones) US pending home sales fell at a modest pace in July, after falling sharply in June. This emerged Wednesday from figures from the NAR real estate organization.

Monthly sales fell 1.0 percent to an index level of 89.8. Economists had previously forecast a 3.0 percent decline.

Year-on-year sales fell 19.9 percent in July.

According to the brokerage organization, the limited drop is a reflection of mortgage interest rates that have taken a step back after an earlier increase.

The pending home sales index is based on signed contracts to purchase existing single-family homes, apartments and condominiums, but the deal has not yet been finalized. After the contract is signed, it usually takes a month to a month and a half before the sale is actually completed.

Source: ABM Financial News

From Beursplein 5, the editors of ABM Financial News closely follow developments on the stock exchanges, and the Amsterdam Stock Exchange in particular. The information in this column is not intended as professional investment advice or as a recommendation to make certain investments.


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