In an unexpected downturn, U.S. pending home sales fell sharply in July, reaching -5.5%, a stark contrast to the 4.8% increase recorded in June. The figures were updated on August 29, 2024, revealing a month-over-month decline that signals potential concerns for the housing market’s momentum.The previous month had seen a healthy increase of 4.8%, which followed a comparison of the change from May to June 2024. This sudden reversal in July suggests that the market could be facing significant headwinds, potentially influenced by fluctuating mortgage rates, economic uncertainty, or shifts in buyer sentiment.Analysts will be closely watching upcoming data to determine if this decline is an anomaly or the beginning of a more sustained trend in the U.S. housing market. The coming months will be crucial in understanding the broader economic implications of this drop in pending home sales.The material has been provided by InstaForex Company – www.instaforex.com
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