Pending Sales of Existing Homes in U.S. Dropped 1.3% in July
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Fewer Americans signed contracts in July to buy previously owned homes, a sign that rising mortgage rates are starting to slow momentum in the housing market.
The index of pending home sales dropped 1.3 percent, the most this year, after a 0.4 percent decrease in June, figures from the National Association of Realtors showed today in Washington. Economists forecast no change in the gauge from the month before, according to a median estimate in a Bloomberg survey.