US pending home sales fall 2.3% to weakest level since January

Pending sales of previously owned US homes fell 2.3% in July, pushing contract activity to its weakest level since the start of the year, according to National Association of Realtors data released Tuesday.

The index of contract signings declined to 71.2, the lowest reading since January. The result matched the second-worst level in records dating to 2001.

Economists surveyed by Bloomberg had expected pending sales to remain unchanged. Elevated mortgage rates and home prices continue to weigh on the housing market.

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