U.S. Pending Home Sales Dipped 2.6% in June

New sales contracts on existing homes declined 2.6 percent from May to June as fewer Americans appeared to be in the market after expiration of a federal tax subsidy for buyers. The Pending Home Sales Index, a forward-looking indicator, fell to 75.7 based on contracts signed in June from an upwardly revised level of 77.7 in May, the NAR reported. The data reflects contracts and not closings.

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