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Pending home sales in the U.S. saw a modest decrease in the month of June, according to a report released by the National Association of Realtors on Monday, with pending sales pulling back off their highest level in over six years.
NAR said its pending home sales index edged down 0.4 percent to 110.9 in June from a downwardly revised 111.3 in May. Economists had been expecting the index to drop by about 1.4 percent.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
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