Pending sales of US homes slip from 6-year high

Pending sales of US homes slip from 6-year high

Credit: AP

Pending sales of US homes slip from 6-year high

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by Associated Press

WCNC.com

Posted on July 29, 2013 at 10:40 AM

WASHINGTON (AP) -- The number of Americans who signed contracts to buy homes dipped in June from a six-year high in May, a sign that completed sales could stabilize in the next month or two.

The National Association of Realtors says its seasonally adjusted index for pending home sales ticked down 0.4 percent to 110.9 in June. The May reading was revised lower by a percentage point to 111.3, but it was still the highest since December 2006.

The slight decline suggests higher mortgage rates may be starting to slow sales. Still, signed contracts are 10.9 percent higher than they were a year ago. There is generally a one- to two-month lag between a signed contract and a completed sale.
 

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