Pending home sales remain volatile, inch lower in July

There has also been a lot of cancellation of contracts this month.  Let's see if we see a revision in this number in the next few weeks.

The number of pending home sales in July fell 1.3% from June, but remain 14.4% above a year earlier, the National Association of Realtors said Monday.

The huge trade group's pending home sales index measures the number of sales contracts signed each month. The index hit 89.7 in July, down from 90.9 in June yet well above the 78.4 of a year ago.

Analysts polled by Econoday expected the NAR index to decrease 1% for July with estimates ranging from declines of 2% to an increase of 2.5%. Pending home sales climbed 2.4% in June on the heels of an 8.2% jump the prior month.

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