Recent Reports Reveal Home Sales are Down

Recent reports reveal home sales are down, watch the video to see what experts believe is the cause in today’s Business Report.

The National Association of Realtors said fewer Americans signed contracts to purchase homes last month. The decline is most likely caused by rising mortgage rates and a dwindling inventory of properties on the market. The pending home sales index fell 2.5 percent to 107.3, the lowest reading since the start of the year. Sales declined in the Midwest, South and West but did improve in the Northeast.