A forward-looking indicator of home sales slipped in June, but
remained well above year-ago levels, a sign the housing market is
stabilizing.
The National Association of Realtors said Wednesday its index of
pending home sales fell by 1.8% to a seasonally-adjusted 110.3, the
lowest level since March, but 8.2% higher than June 2014.
The index tracks contract signings, which usually close within
two months.
The May index was revised down to 112.3 from a previously
reported 112.6. May's value was still the highest of the year.
Economists surveyed by The Wall Street Journal had expected a 1%
rise in June.
"Low inventories in many markets reduced choices and pushed
prices above some buyers' comfort level," Lawrence Yun, chief
economist for the Realtors' group, said.
The pace of completed existing-home sales increased 3.2% last
month from May to a seasonally adjusted rate of 5.49 million, the
strongest since February 2007, the group said last week.
Pending home sales rose 0.4% in the Northeast and 0.5% in the
West from May. They fell by 3% in the Midwest and South.
News Corp, owner of The Wall Street Journal, also owns Move
Inc., which operates a website and mobile products for the National
Association of Realtors.
Write to Anna Louie Sussman at anna.sussman@wsj.com
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