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Pending home sales unexpectedly drop
(Tim Boyle / Getty Images)
Pending home sales fell for the first time this year in May.
Sales fell 1.8% month-over-month, but are still near the highest levels in nine years, according to the National Association of Realtors (NAR).
In the release, NAR chief economist said: "Competition for existing houses on the market remained stiff last month, as low inventories in many markets reduced choices and pushed prices above some buyers' comfort level."
"The demand is there for more sales, but the determining factor will be whether or not some of these buyers decide to hold off even longer until supply improves and price growth slows."
Economists had estimated that the gauge, based on contract signings, rose 0.9% month-on-month in June, unchanged from May, and rose 11.1% year-over-year versus 8.3% prior. The rise in June compared to last year matched forecasts.
Last Wednesday, data from the NAR showed that existing home sales rose 3.2% to an annualized pace of 5.49 million – the fastest since February 2007.
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