U.S. Pending Home Sales Decline Unexpectedly on Record Prices
- Index fell 1.9% in June from May, estimate was for no change
- West posts biggest drop at 3.8%, the most since February
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A gauge of contract signings to purchase previously owned U.S. homes fell in June, indicating high prices and a limited number of available properties are discouraging prospective buyers.
The National Association of Realtors’ index of pending home sales declined 1.9% from May, according to data released Thursday. The median estimate in a Bloomberg survey of economists was for no change.