Pending home sales sink to new low

According to a new report from the National Association of Realtors, pending home sales in the United States dropped 7.1% from July to August.

Sky high mortgage rates, which climbed over 7% last month to a multi-decade high, contributed to the decline.

Analysts previously expected pending home sales to drop by just 1%.

Pending home sales were down 18.77% year-over-year.