U.S. PENDING HOME SALES DROP SHARPLY
U.S. pending home sales fell 2.3% in July, missing expectations for a 0.6% increase.
Higher mortgage rates weighed on demand, while record home prices continued to pressure buyers.
The West fell 4.7%, the steepest regional decline, while the Northeast dropped 2%.
Compared with a year earlier, pending sales were down 2.2%.