US Pending Home Sales Drop More Than Expected in July

An Aug. 28 report from the National Association of Realtors (NAR) showed that U.S. home sales fell by 0.4 percent in July, a larger decline than the consensus estimate of 0.1 percent.

The Northeast experienced the biggest month-over-month decrease at 0.6 percent, followed by the Midwest at 0.4 percent. The South remained flat, falling by just 0.1 percent. Only the West saw gains, with a 3.7 percent month-over-month uptick.