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The National Association of Realtors said on Wednesday that its pending home sales index dropped 19.9% in July compared with last year, the lowest level since early 2020.
The Conference Board's leading economic index dropped for the fifth consecutive month, suggesting the U.S. economy is slowing and could be headed for a recession.
Federal Reserve officials expressed resolve to bringing inflation closer to their 2% target at the July meeting, with policymakers forecasting more "significant" rate hikes.
Rising interest rates are starting to cool the housing market, with new U.S. home construction plunging to the lowest level in close to two years in July.
Homebuyers are backing out of purchase contracts at the fastest pace in more than two years as they confront rising interest rates and the possibility of an impending recession.