Remain High on Annual Basis: Responding to higher mortgage rates, the National Association of Realtors’ (NAR) Pending Home Sales Index (PHSI) slipped 0.4 percent in June to 110.9, the group reported Monday.
Economists had expected the index to drop to 110.7, which would have been a 1.4 percent decline from May’s originally reported 112.3. The May index was revised down to 111.3.
With the revision, the May index, originally reported as the highest in six years, matched the level of April 2010. The index covered the same month in which new home sales, reported last week by the Census Bureau and HUD, surged to a five year high Watch our video to learn more....
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