Pending Home Sales Fell in June

Washington, DC, Aug. 3, 2010--Pending home sales fell 2.6% in June to a record low, partly reflecting the end of a federal tax credit for first-time buyers of up to $8,000, according to the National Association of Realtors.

The pending sales index was 75.7 last month and totaled 77.7 in May and 110.9 in April, when buyers sought to take advantage of the tax credit. The index's current level is 18.6% below June 2009, when it stood at 93.0.