Contracts to buy previously owned U.S. homes dropped more than expected in June, weighed down by higher mortgage rates.

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Sales rose in all four regions. Economists polled by Reuters had forecast contracts, which become sales after a month or two, would edge up 0.1%. Pending home sales advanced 1.1% from a year earlier.

Pending sales in the South, the biggest home-selling region, fell 7.7%. Contract signings decreased 8.9% in the West and 5% in the Midwest.

The National Association of Realtors said Wednesday that its seasonally adjusted pending home sales index climbed 0.8 percent the past month to 104.8 from a revised 104 in October. The index remains ...

One in seven pending home sales in the U.S. were canceled in April, the highest share of sales to fall through since 2020, according to a new analysis by Redfin, a Seattle-based brokerage site.

“Lower mortgage rates are essential to bring home buyers back into the housing market.” Pending sales in the South, the biggest home-selling region, fell 7.7%.