NAR: Pending home sales slip slightly from May but still higher than year ago

Higher interest rates and lower inventory levels had an impact on U.S. pending home sales in June, according to the latest Pending Home Sales Index from the National Association of REALTORS® (NAR).

Contract signings in June were down 0.4 percent compared to May but were 10.9 percent higher than June 2012. Lawrence Yun, NAR chief economist said that not all contracts will go to closing and some buyers may change their minds if mortgage interest rates rise too much before closing.

“Closed sales may edge down a bit in the months ahead, but they’ll stay above year-ago levels,” he said.

Watch a new video on June pending home sales from NAR.

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About Stephanie Sievers

Stephanie Sievers is Senior Editor for the Illinois Association of REALTORS®. She serves as Senior Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.