7/29, 4:00 PM (Source: TeleTrader)
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US pending home sales down 1.9% in June

Pending home sales in the United States declined 1.9% in June when compared to the previous month, falling below market expectations, according to a report published by the National Association of Realtors (NAR) on Thursday. The Pending Home Sales Index (PHSI) fell to 112.8 in June. The yearly loss also equaled 1.9%.

The US Northeast PHSI rose 0.5% month-over-month to 98.5 in June, while the West and South PHSI were down by 3.8% and 3.0% to 98.1 and 132.4 respectively. Meanwhile, the Midwest region registered a monthly gain of 0.6% climbing to 108.3.

NAR's Chief Economist Lawrence Yun commented on the report saying: "Pending sales have seesawed since January, indicating a turning point for the market. Buyers are still interested and want to own a home, but record-high home prices are causing some to retreat. The moderate slowdown in sales is largely due to the huge spike in home prices."

Breaking the News / OL