By Ovunc Kutlu
ANKARA (AA) - US pending home sales fell 8.6% in June, more than the market estimate, according to data released by the National Association of Realtors (NAR) on Wednesday.
The index of pending home sales, one of the top indicators of the health of the US housing market, was expected to show a monthly decline of 1.5% in June.
The index rose 0.7% in May, ending six consecutive months of decline.
“Contract signings to buy a home will keep tumbling down as long as mortgage rates keep climbing, as has happened this year to date,” Lawrence Yun, chief economist for the NAR, said in a statement.
Buying a home in June was about 80% more expensive than in June 2019, according to NAR.
Pending home sales measure the change in the number of houses under contract to be sold, but still awaiting the closing transaction. They exclude new home construction.