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Pending Home Sales Dropped in June, Which Means the Housing Market Could Be Cooling Off

·3 min read

There's been a ton of demand to buy a new home as mortgage rates have hovered close to record lows for the majority of the year. Will buyers soon enjoy lower home prices? Pending home sales refer to sale contracts to purchase a home that have been signed but not yet closed upon, and it's a measure of the strength of the housing market.