Pending Home Sales Decline in June

Washington, DC, July 26, 2012 -- Pending home sales fell 1.4% in June, according to the National Association of Realtors.

The pending-home-sales index fell to 99.3 from a downwardly revised 100.7 in May, NAR said.

The NAR initially said the May index was at 101.1.

"Buyer interest remains strong but fewer home listings mean fewer contract signing opportunities," said Lawrence Yun, chief economist of the NAR, who added that delays in the foreclosure process also were holding up sales.

Compared to the same period in 2011, pending home sales were up 9.5%.