Real Estate

Homebuyers sign fewer contracts in July amid high prices

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A pending sale sign in front of a home in Miami.

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Signed contracts to purchase previously owned homes fell 1.8% in July from June, according to the National Association of Realtors.

Sky-high home prices have caused affordability to drop dramatically in the last several months. The median price of an existing home was up 18% in July, according to the Realtors. Much of that was due to the fact that there was far more activity on the higher end of the market, which skewed that median higher.

Pending sales are a forward-looking indicator of closed sales in one to two months.

“The market may be starting to cool slightly, but at the moment there is not enough supply to match the demand…



Source cnbc.com

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