US pending home sales drop 0.8pc in June

(Sharecast News) - US pending home sales decreased in June, according to the National Association of Realtors, missing estimates of a 0.3% increase. Based on signed contracts, pending home sales dropped 0.80% month-on-month in June, taking a bite out of May's 1.8% increase. On an annualised basis, pending home sales decreased 2.8%.

NAR chief economist Lawrence Yun said: "The data shows a continuation of small declines in contract signings despite inventory in the market increasing. Pending sales in the Northeast increased incrementally even though home price growth in the region has been the strongest in the country."





Reporting by Iain Gilbert at Sharecast.com