The National Association of Realtors’ index of pending home sales—a measure of contract signings to purchase existing homes—tumbled to 84.3 in June, the lowest reading on record since NAR began tracking the data in 2001. It marks the third consecutive month-over-month decline in the index as potential buyers have been spooked by the COVID-19 pandemic, rising unemployment and dismal economic outlook. The NAR index has dropped by an alarming 36.9% since April and is now 11.3% lower than during the depths of the financial crisis in 2008.
Pending home sales drop to a record low, even worse than during the financial crisis
