Pending home contracts are 30% below pre-pandemic levels, while payroll employment is 5% higher, indicating strong pent-up demand. The US lost 23,000 jobs in July, with 234,000 leaving the labor force, keeping unemployment at 4.1%. Some metro areas saw gains in pending sales, led by Virginia Beach-Chesapeake-Norfolk at 17.2%. The Midwest had the smallest monthly decline at 0.7% and showed 1.7% annual growth.
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