After three consecutive months of solid gains, pending home sales slowed modestly in June, according to the National Association of Realtors®. The Pending Home Sales Index,* a forward-looking indicator based on contract signings, declined 1.1 percent to 102.7 in June from 103.8 in May, and is 7.3 percent below June 2013 (110.8). Despite June’s decrease, the index is above 100 – considered an average level of contract activity – for the second consecutive month after failing to reach the mark since November 2013 (100.7). Lawrence Yun, NAR chief economist, says the housing market is stabilizing, but ongoing challenges ... (full story)