Folks still want to buy homes despite lousy housing conditions

In July, US pending home sales increased 0.9%, according to data from the National Association of Realtors. This was despite the rise in mortgage rates and limited housing inventory. The uptick in the index is a sign that some homebuyers are still in the resale market, while the West region experienced a meaningful price decline and buyers are quickly returning. Despite this, existing home sales still slid by 2.2%.