Partly Cloudy
70°FPartly CloudyFull Forecast

Pending sales of U.S. homes slip from 6-year high

WASHINGTON (AP) – The number of Americans who signed contracts to buy homes dipped in June from a 6-year high in May, a sign that sales could stabilize over the next few months.

The National Association of Realtors said Monday that 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.

Comments

More News

Comments

 

National video

Reader Poll

The seventh annual Whiteside County Barn Tour, featuring 11 barns near Sterling, is July 12-13. Have you ever gone on the tour?
Yes
No, but I plan to go this year
No