Pending Sales of U.S. Homes Slip From 6-Year High

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Pending sales of U.S. homes fall from 6-year high
Gene J. Puskar/APIn this Tuesday, July 23, 2013, photo, a home is for sale in Mt. Lebanon, Pa.

WASHINGTON -- 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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