FILE PHOTO: Residential single household houses development by KB House are proven beneath development in the neighborhood of Valley Middle, California, U.S. June 3, 2021. REUTERS/Mike Blake/File Photograph/File Photograph
August 30, 2021
By Evan Sully
(Reuters) – Contracts to buy beforehand owned U.S. houses declined for the second consecutive month in July consistent with restricted provide that’s been unable to maintain up with demand from potential homebuyers.
The Nationwide Affiliation of Realtors (NAR) mentioned on Monday its Pending House Gross sales Index, based mostly on contracts signed final month, fell 1.8% after dropping a revised 2.0% in June. Economists polled by Reuters had forecast pending dwelling gross sales would improve 0.4%.
Pending dwelling contracts are seen as a forward-looking indicator of the well being of the housing market as a result of they turn out to be gross sales one to 2 months later.
(Reporting by Evan Sully; Enhancing by Andrea Ricci)