Pending US home sales rose at the fastest pace since January in July

The National Association of Realtors (NAR) said that pending home sales in the United States rose by 0.9% to 77.6 in July, compared to 0.4% in June, and analysts expected that pending home sales would rise by 0.6% in July.

On an annual basis, pending home sales fell 14% in July, and the supply of existing homes remains at historically low levels as many current homeowners have mortgage rates below 5%.

Federal Reserve Chairman Jerome Powell said that further rate hikes may be on the table if the labor market and consumer spending continue to support inflation, a scenario that means mortgage rates are at their highest levels in more than two decades and will remain high.

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