Pending home sales fall in June
Thursday, July 26, 2012 3:11 PM
Contracts to buy previously owned homes fell in June, Reuters reported. The National Association of Realtors (NAR) said fewer properties came on the market, pointing to weak home resales in July.
The industry group said its Pending Home Sales Index, based on contracts signed in June, fell 1.4 percent to 99.3.
"Buyer interest remains strong but fewer home listings mean fewer contract signing opportunities," NAR Chief Economist Lawrence Yun told Reuters. "We've been seeing a steady decline in the level of housing inventory, which is most pronounced in the lower price ranges popular with first-time buyers and investors."