Pending Home Sales Rise 0.3% Nationwide

Across the US, pending home sales edged ↑<1% MoM in the current month, while contract signings remained ↓~5% yearly, showing modest momentum but softer demand.
Buyers entering contracts even as mortgage rates increased, but higher borrowing costs offset buying power created by gains and income growth outpacing home prices.
Pending home sales based on signed purchase contracts for listed homes offer an early read on housing direction before transactions close and sales are recorded.
A mortgage survey put the current 30-yr fixed rate near 7%, slightly above the mid-6% level seen yearly, even after earlier lows.
Current cooler seasons typically bring fewer buyers, which can improve negotiating power, while warmer summer periods usually offer more available homes and broader selection.