US Pending Home Sales Rise in August
Contracts to buy previously owned US homes unexpectedly rose 0.3 percent in August. However, elevated mortgage rates and weak demand suggest the housing market trend remains sluggish.
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Contracts to purchase previously owned homes in the United States rose 0.3% to 71.2 during the late summer morning, defying forecasts of a decline. Economists polled by Reuters had anticipated a 0.6% drop in activity. The unexpected uptick offers a brief respite for the housing market, though structural headwinds persist.
