Higher borrowing costs and an uncertain economic outlook kept many potential buyers out of the market.
| Bloomberg
The National Association of Realtors index of contract signings to purchase previously owned homes decreased 4% last month to 73.9, the lowest outside of the pandemic in data back to 2001, according to a release Wednesday. The drop was worse than all estimates in a Bloomberg survey of economists. Consumers rate current home-buying conditions as the worst since the early 1980s, according to a survey by the University of Michigan. That said, mortgage rates have been retreating after spiking to a two-decade high earlier this year.
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