U.S. pending home sales dropped 7.1% in August from the month prior as mortgage rates surging over 7% in August to levels not seen in 20 years packed a punch.
Pending sales had been on the rise the two months prior, despite elevated prices and higher mortgage rates, according to a report released Thursday by the National Association of Realtors. But rates topping 7% in August snapped that streak.
The steep drop in pending sales in August, on the heels of reports of slower existing and new home sales at the end of the summer, suggests that the market is cooling, said Lisa Sturtevant, chief economist at Bright Multiple Listing Service. With mortgage rates near and above 7% for all of August, purchasers' buying power was crushed, and for many the math for buying a home just did not work.
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