Pending Home Sales Edge Lower in June


Washington, DC, July 29, 2013 -- Pending home sales fell 0.4% in June, according to the National Association of Realtors.

Rising mortage rates were largely responsible for the decrease.

Sales are still up 10.9% from June 2012 levels, NAR said.

"Mortgage interest rates began to rise in May, taking some of the momentum out of contract activity in June," said NAR Chief Economist Lawrence Yun in a press release.

"The persistent lack of inventory also is contributing to lower contract signings," he said.