Pending home sales declined in July by 0.7%. And 0.5% on a year-over-year basis.
(Bloomberg) — An index measuring contracts to buy previously-owned U.S. homes “unexpectedly” declined in July, signaling that buyers are balking at higher prices and a lack of choices in some regions, according to data released Wednesday from the National Association of Realtors in Washington.
Unexpectedly? It looks to me that there have been a number of negative growth periods YoY for pending home sales since early 2016.
Overheated markets? Like Las Vegas, Seattle and San Francisco?
Seattle and San Francisco are home to leading tech companies, like Facebook (actually Menlo Park).