A tourist jumps inside an upside-down house at Fengjing Ancient Town, Jinshan District, south of Shanghai, May 1, 2014.
Pending home sales activity fell 1.1% in June, missing expectations for a 0.5% increase.
However, the pace of sales remains above average, notes the National Association of Realtors.
"Activity is notably higher than earlier this year as prices have moderated and inventory levels have improved,” said NAR's Lawrence Yun. “However, supply shortages still exist in parts of the country, wages are flat, and tight credit conditions are deterring a higher number of potential buyers from fully taking advantage of lower interest rates.”
The pending home sales index fell 2.9% in the northeast, increased 1.1% in the midwest, declined 2.4% in the South, and ticked up 0.2% in the West.
"Pending home sales remain below their year-ago levels, but after the upward moves during the three months through May, the y/y declines have become smaller," noted Barclays' Michael Gapen. "This report suggests the rebound in existing home sales following previous weather-related softness is complete, implying less momentum to sales in the third quarter."
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