U.S. pending home sales rise
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. ■