Pending Home Sales, which measures signed contracts on existing homes, rose 0.3% in June, which was stronger than estimates of a 0.5% drop. Despite CNBC’s Diana Olick’s best efforts to put a negative spin on this report, this was the first increase since February and shows a lot of strength, considering rates were around 7% and inventory was down 14% year over year. Sales are still down 16% year over year, which lines up closely with the decline in inventory and is not due to a lack of demand, but a lack of supply. Additionally, new listings are down 26% from last year, which is not helping the inventory picture.