CNBC’s Diana Olick joins 'The Exchange' to discuss the latest data from U.S. home sales.

Washington

Recent data shows a decline in pending home sales in the United States, with a drop of less than 1 percent from the previous month and 2.8 percent from the same period last year. This slowdown comes despite a nearly 29 percent increase in active home listings, as more homes are remaining on the market without selling. 

Mortgage rates have fluctuated, briefly dipping before rising again, which has impacted buyer activity. While homebuilders have managed to attract buyers by buying down rates, individual home sellers do not have this flexibility. Additionally, economic uncertainty and concerns about the job market are contributing to reduced demand, with total mortgage applications now at their lowest level since May.

U.S. homes are sitting and not selling. Here's why

All right, so folks, you may not care about the Federal Reserve or interest rates, but you may want to buy a home. And what the Fed does could influence the bond market, which could influence mortgage rates. And guess what? We got new numbers on pending home sales for the month of June. Diana Olick with those. Well, Brian, pending home sales in June dropped just less than 1 percent from May and we're down 2.8 percent from June of last year. These counts are based on signed contracts for existing homes, so people out shopping in June. And that's when the average rate on the 30 year fix actually dipped slightly, although briefly, the homebuilders noted in recent earnings that this brought more buyers in in June. But of course, the builders are also able to buy down rates. Home sellers can't. And rates popped up again in July. Today, we are at six point seven seven percent, according to Mortgage News Daily. Now, sales were down despite a nearly twenty nine percent gain in active listings that from Realtor dot com. Some of that gain is because homes are just sitting and not selling. There was actually a pullback in new listings in June. Regionally, though, sales dropped everywhere except in the Northeast, which is kind of weird because home price growth has been strongest in the Northeast and mortgage applications to buy a home. That's from this week. They dropped six percent from the previous week, down five percent over the past four weeks. Total mortgage demand, including refinances, is at the lowest level since May. Now, the Mortgage Bankers Association's economists said it was less about the rate and more about, as we keep saying, uncertainty in the economy and the job market. Brian, I'm sure you've heard that. Yes, I'm sure we have heard it and I will hear it more and more. Diane Olick, thank you very much.

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