Pending home sales decreased by 0.8% in June from the prior month and 2.8% year-over-year, according to the National Association of REALTORS® Pending Home Sales report. The Report provides the real estate ecosystem, including agents and homebuyers and sellers, with data on the level of home sales under contract. Month-over-month and year-over-year pending sales declined in the Midwest, South, and West. In the Northeast, pending sales rose month-over-month but remained flat year-over-year. The REALTORS® Confidence Index shows a 4% and 6% year-over-year increase in homebuyer and seller traffic, respectively. "The data ... (full story)

The choppy performance of the US housing market continued in June with pending home sales falling 0.8% MoM (considerably worse than the 0.2% MoM rise expected). {chart} That left YoY sales down 0.3% - the seventh straight monthly decline in annual growth - leaving the total pending home sales index back near record lows...{chart} The supply of existing homes for sale has reached an almost five-year high, as more people list their homes for sale, but the extra inventory isn’t yet pushing prices down. {chart} Mortgage applications to buy a home dropped 5% last week and are down for the last five weeks... so don't hold ... (full story)