Updated

Contract signings for previously owned homes fell 4.7% from a year earlier, according to new data, as elevated mortgage rates continued to weigh on buyer demand. The decline underscores persistent affordability pressures in the U.S. housing market despite recent volatility in borrowing costs. The figures add to a string of housing-market readings this year that have shown buyers pulling back in the face of high financing costs, with economists watching for signs of whether the Federal Reserve's policy stance will provide relief to the sector.