Pending Home Sales in the US Declined

Pending home sales in the US declined. Expectations had been for an increase of 0.3 percent.

The high course of house prices caused a contraction in pending house sales in the USA, beyond the expectations. Pending house sales in the country in July decreased by 1.8 percent compared to the previous month. The expectation was for an increase of 0.3 percent. The downward trend in pending housing sales in the USA continued in July as well. Pending house sales in the country decreased by 9.5 percent in July compared to the same period of the previous year. The Bloomberg survey had expected sales to drop 8.8 percent. On a monthly basis, pending home sales fell by 1.8 percent. Economists had expected a 0.3 percent increase in sales on a monthly basis. The annual contraction in June, which was previously announced as 3.3 percent, was revised to 3.5 percent. Evaluation of economists pointed out that the rising house prices in the country drove savers away from the housing market.