When interest rates are poised to fall...

2024: Lowest 30-year rate since 2023

Mortgage rates have slid steadily in recent months, but the relief for buyers has done little to boost home sales nationwide. The Pending Homes Sales Index, a measure of housing contracts, slipped in July to 70.2, the lowest reading since the National Association of Realtors began tracking it more than two decades ago. A year ago, the index stood at 76.7. A level of 100 is equal to contract activity in 2001.