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U.S. pending home sales rise

Staff Writer |
The National Association of Realtors said its Pending Home Sales Index, based on contracts signed last month, increased 0.9 percent to a reading of 106.9.

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Pending home contracts become sales after a month or two, and last month's surprise rise suggested a rebound in existing home sales, which have declined for three straight months.

But any bounce back in home sales is likely to limited by a chronic shortage of homes, which is keeping house prices elevated.

Pending home sales fell 2.5 percent in June from a year ago. Housing data has softened in recent months.

Housing starts and building permits dropped to a nine-month low in June amid more expensive building materials and shortages of land and labor. New home sales tumbled to an eight-month low in June.

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