The National Association of Realtors (NAR) reported a significant decline in the U.S. Pending Home Sales Index, which fell by 5.5% compared to the previous month. This drop was unexpected, as forecasts had predicted the index would remain stable. The surveyed economists had anticipated a range of outcomes, from a 3% decrease to a 4.8% increase.
On an annual basis, the unadjusted pending home sales also saw a decline, dropping by 2.9%. This is a stark contrast to the previous month's annual growth of 4.9%.
