According to the National Association of REALTORS® Pending Home Sales report, pending home sales in June decreased by 5.4% month-over-month and 0.3% year-over-year. However, at the local level, several markets posted notable year-over-year gains in pending home sales. Among the 50 largest metro areas, 10 markets posted large annual increases in pending home sales. The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. NAR Chief Economist Lawrence Yun said that elevated mortgage rates and home prices are driving factors…
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