New figures from the National Realtors Association show that the number of contracts signed for existing U.S. home sales fell in August.
The index had been trending higher in recent months and was expected to be unchanged for August but instead it declined by 1 per cent. Investors have pulled back on their purchase of distressed properties, which accounts for some of the decline.
While new sales were up in August they only account for 10 per cent of all property transactions and this new data has caused concern among some analysts that the market’s recovery is not assured.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: