By Ruth Mantell
WASHINGTON (MarketWatch) -- Led by drops in most of the U.S., sales contracts on homes fell 1.3% in July, a second month of declines, as mortgage rates continued to rise, according to data released Wednesday. Despite the recent drop, the pending-home sales gauge in July was up 6.7% from the year-earlier period, according to the National Association of Realtors. By region, pending home sales in July fell 6.5% in the Northeast, 4.9% in the West and 1% in the Midwest. Meanwhile, pending sales rose 2.6% in the South. A sale is listed as pending when the contract has been signed. Sales are typically finalized within one or two months of signing.
