Pending home sales in the U.S. decreased 2.3% month-over-month and 2.2% year-over-year in July, with all four regions showing declines except the Midwest, which rose 1.7% year-over-year. Pending contracts remain 30% below pre-pandemic levels despite employment gains. Mortgage rates averaged 6.67%, slightly down from the previous week but higher than last year. More homes are available, offering buyers greater choice.
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