U.S. pending home sales rose in July, the National Association of Realtors said on Wednesday.
The numbers: U.S. home sales inched up for the second month in a row, as the housing market continues to be hampered by high rates and a lack of home listings.
The figure exceeded expectations on Wall Street. Economists were expecting pending home sales to fall 0.5% in July.Pending home sales reflect transactions where the contract has been signed for the sale of an existing home, but the sale has not yet closed. Economists view it as an indicator for the direction of existing-home sales in subsequent months.
Sales activity was a lot less brisk in July due to the ongoing inventory issue and with the 30-year loan rate at or near the 7% range. And with rates hitting a multidecade high in August, expect the data to continue to show a housing market that’s dragging along.
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