Unexpected Jump: Us Pending Home Sales Rise for July but the Year-Over-Year Sales Remain Down 13.8%

Despite predictions of a 1.0% decline, US Pending Home Sales unexpectedly rose by 0.9% in July, though year-over-year sales remain down 13.8%. Rising mortgage rates, hitting a two-decade high, have hit affordability hard, keeping homeowners from selling and limiting available properties. This has led to elevated prices. Chief economist Lawrence Yun sees potential for further gains, but rising rates and limited inventory are obstacles. The disconnect between existing/pending sales and surging new home sales adds to concerns.