Pending home sales in the US dropped 5.4% in June due to near-record mortgage rates and a record-high median home price of about $441,000. All four major regions saw declines, with the Northeast showing a slight annual gain. Some metro areas experienced notable year-over-year sales increases. High rates and prices continue to challenge first-time buyers, with the 30-year fixed mortgage rate expected to stay around 6.1%–6.3%, keeping the market subdued.
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