Existing home sales were up nationally in June
The number of contracts to purchase previously owned U.S. homes unexpectedly rose in June as buyers tried to take advantage of lower prices and borrowing costs, Bloomberg reported.
The 2.4 percent rise in the index of pending home resales followed an 8.2 percent May gain, the National Association of Realtors said.
The prospect of contract cancellations due to stricter underwriting standards and low appraisals means some signings may not translate into closings. One analyst told Bloomberg that the economic background is still weak amid high uncertainty, which could drive away homebuyers.
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