WASHINGTON (AP) — More Americans signed contracts to purchase homes in June compared to May, but the volume of pending sales has slipped over the past year.
The National Association of Realtors says that its pending home sales index rose 0.9 percent last month to 106.9. But on a yearly basis, pending home sales have fallen 2.5 percent.
There are signs that home-buying has stalled in recent months due to the mix of rising prices, higher mortgage rates and a dearth of sales listings.
On a monthly basis, pending sales increased in all four geographic regions: Northeast, Midwest, South and West. But pending sales have also tumbled in all four regions during the past year, especially in the Northeast and West where homes are generally more expensive.