Pending home sales moved lower in June, signaling continued weakness in the US housing market. Contract signings fell as buyers faced the combined pressure of elevated mortgage rates and historically high home prices.
With mortgage rates hovering around 6.5%, affordability remained a major obstacle for many households. Higher borrowing costs have made monthly payments more expensive, limiting demand even as some shoppers continue looking for homes.
The decline in the Pending Home Sales Index points to slower activity ahead, since the measure tracks signed contracts rather than completed purchases. The latest reading suggests both buying and selling conditions remained subdued during the month.
Taken together, June's figures reflect a housing market that remains soft rather than rebounding strongly. Until financing costs ease or prices become more manageable, home sales activity is likely to stay muted.
