According to Jinshi Data, data from the National Association of Realtors (NAR) showed that U.S. existing home sales contracts rose slightly in August from the record low in July as expectations of a rate cut by the Federal Reserve led to lower mortgage rates, which modestly boosted homebuyers' affordability.

The pending home sales index rose to 70.6, the lowest level since the index began in 2001. Lawrence Yun, NAR's chief economist, said the slight increase in the index reflects a modest improvement in housing affordability, mainly because mortgage rates fell to 6.5% in August.

However, existing home sales activity is likely to remain subdued as continued rising home price gains are partially offsetting lower borrowing costs despite some declines, and housing inventory also remains limited.