Contract signings for homes fell in July to their lowest level on record, dropping 5.5% from June and 8.5% from a year ago, according to the National Association of REALTORS® (NAR). Despite job growth and increased housing inventory, affordability challenges and uncertainty surrounding the upcoming U.S. presidential election have hindered a recovery in home sales. Some buyers are waiting for potential mortgage rate cuts, which may come if the Federal Reserve reduces interest rates later this year. The Northeast was the only U.S. region to see an increase in contract signings compared to last year, rising 2.4%.

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PODCAST ARE OPINIONS EXPRESSED BY LICENSED REAL ESTATE AGENTS IN DIFFERENT REAL ESTATE MARKETS. DO NOT BASE YOUR HOME PURCHASE OR SALE ON THE OPINIONS EXPRESSED IN THIS STREAM. ALWAYS CONSULT YOUR LOCAL REALTOR FOR YOUR MARKET CONDITIONS.