July's pending home sales index of 109.5 is off 1.3% from June, but up 6.7% Y/Y. This data reflects contracts, not closings and thus leads sales by 45-60 days. Bill McBride notes buyers pushed to close in July because of rising mortgage rates, and expects closed sales in August to decline more than the pending home sales print would indicate.
The NAR's Larry Yun takes note of uneven data across the country - sizable declines in the Northeast and West, but steady to higher in the Midwest and South. This suggests to him higher interest rates and home prices in the high-cost regions of the coasts are having a measurable impact on sales activity. "More homes clearly need to be built in the West to relieve price pressures."