July pending home sales -0.4% monthly vs. +0.3% estimated

Market Trends - Pending home sales in July decreased by 0.4% compared to June but increased by 0.7% compared to July of the previous year [1] - The market anticipated a slight increase of 0.3% in pending home sales, effectively remaining flat [1] - Signed contracts in July were influenced by rising average rates on 30-year fixed mortgages [1] - Sales declined month-over-month in the Northeast and Midwest, remained flat in the South, and increased in the West [2] Contract Cancellations - Redfin reported that 15% of homes under contract in July were cancelled, marking the highest cancellation rate since 2017 [3] Realtor Expectations - Only 16% of realtors surveyed anticipate an increase in buyer traffic over the next 3 months [3]