Wall Street thought sales would fall by 0.5 percent. Instead, they rose 0.9 percent. | Economy
Pending home sales bounced back for a second month in a row in July, as the housing market continued to show signs that buyers were returning despite high rates on home loans.
The housing market was put into a recession last year when the shock of rapidly rising rates drove down home affordability. As well, many homeowners have been hanging onto their current homes financed with loans with low fixed rates, depressing the number of homes on the market.
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