US Pending Home Sales Hit Record Low in July.

Higher prices and borrowing costs deter buyers, leading to a sharp 5.5% drop in contract signings.

The Pending Home Sales Index fell to 70.2, its lowest level since 2001.
Economists had predicted a 0.4% rise, but sales dropped 5.5% instead.
Sales declined across all four regions of the US last month.
Affordability challenges and the upcoming presidential election contribute to market hesitation.
House prices remain high despite a slowdown in the rate of price increases.