Pending home sales in the U.S. pulled back sharply in the month of June, according to a report released by the National Association of Realtors. NAR said its pending home sales index plunged by 8.6 percent to 91.0 in June after rising by 0.4 percent to a revised 99.6 in May. 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. With the much bigger than expected monthly decrease, pending home sales in June were down by 20.0 percent compared to the same month a year ago.Powered by Commodity Insights
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