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Pending home sales down in June

An increase in interest rates contributed to pending home sales falling 0.4 percent from May, experts say. 

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Pending home sales fell 0.4 percent from May but still grew 10.9 percent above figures reported in June 2012. Increasing interest rates likely contributed to the slight dip in sales, an economist suggests.

Today, the National Association of Realtors (NAR) released their Pending Home Sales Report for June showing that pending home sales declined with the seasonally adjusted national index falling 0.4% from May but increasing 10.9% above the level seen in June 2012. 

Meanwhile, the NARs chief economist Lawrence Yun is suggests that the recent run-up in interest rates worked to depress the latest read of contract activity: 

"Mortgage interest rates began to rise in May, taking some of the momentum out of contract activity in June, ... The persistent lack of inventory also is contributing to lower contract signings."

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