US Pending Home Sales Rise 0.6% in August

US pending home sales increased by 0.6% in August as falling mortgage rates enticed some buyers back into the market, although the rise was below economists' expectations. Concurrently, home prices in the US continued to climb, with a 5% year-over-year increase in July, marking a record high for the 14th consecutive month. The Federal Reserve's rate cuts have led to a surge in mortgage refinancing applications, driving expectations that home prices may soar further due to increased demand. Despite the slowing rate of home-price appreciation, affordability remains a significant issue, with some experts predicting that lower mortgage rates could trigger substantial price hikes. In South Korea, consumer confidence in rising home prices continues to grow, albeit at a slightly slower pace, raising concerns for policymakers about potential interest rate cuts amplifying demand. Both US and South Korean markets are seeing mixed signals, with falling borrowing costs potentially making homes more affordable but also risking further price surges.