By Julie Schmit | USA TODAY
Signed contracts to buy homes fell in July as higher mortgage interest rates slowed the market, according to the National Association of Realtors.
The pending home sales index declined 1.3% in July from June, but was 6.7% above year earlier levels, the association said Wednesday.
“The modest decline in sales is not yet concerning,” says Lawrence Yun, NAR chief economist, noting an uneven pattern around the country.
The South and Midwest show no measurable slowdown. Higher mortgage interest rates and rising home prices are impacting activity in the Northeast and the West, he says.
