Pending home sales stabilize, but miss estimates

Pending home salesBy Jann Swanson | Mortgage News Daily

Pending home sales eked out, although only barely, an increase in June after a falling by an unexpectedly large percentage in May. The National Association of Realtors® said its Pending Home Sales Index (PHSI) ticked up 0.2 percent to 111.0 compared to110.8 in May. The May decline of 3.7 percent had ended a three month winning streak, also bringing the index below its level a year earlier. NAR said that affordability constraints prevented a bigger boost from the near all-time low interest rates that lingered through most of the month.

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