Pending home sales slipped 7.1% in August in another sign of the housing market's slump. Multi-decades high mortgage rates are keeping homebuyers out of the market. AdvertisementAdvertisementPending home sales slipped 7.1% in August compared to July, according to the National Association of Realtors. "Mortgage rates have been rising above 7% since August, which has diminished the pool of home buyers," said Lawrence Yun, NAR chief economist, in the release. Home sales dipped from August across all regions of the country, falling the most in the South, where pending sales recorded a drop of 9%.

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Persons: —, Lawrence Yun, Glenn Kelman, NAR's Yun Organizations: Service, National Association of Realtors, NAR