The National Association of Realtors reported that its pending home sales index declined 5.4 percent in June to 72.5. The reading marked the lowest level since January and exceeded expectations for a smaller drop.
The index stood 0.3 percent below its level from one year earlier. Pending home sales have declined 28.6 percent since 2001, outpacing the 19.8 percent drop in existing home sales over the same period.
The average 30-year fixed-rate mortgage stood at 6.49 percent in June, according to Freddie Mac. The June decline was the first for the index in several months.
Data were released by the National Association of Realtors on July 17.
