Pending home sales declined in June as buyers began to feel the squeeze of rising mortgage rates and home prices, the National Association of Realtors (NAR) reported.

A forward-looking indicator based on contracts signed to purchase homes, pending home sales decreased 0.4 percent in June, but were still up 10.9 percent from a year ago, NAR said.

The decrease comes after pending home sales in May hit their highest level since December 2006.

“Mortgage interest rates began to rise in May, taking some of the momentum out of contract activity in June,” said NAR Chief Economist Lawrence Yun. “The persistent lack of inventory also is contributing to lower contract signings.”

“Closed sales may edge down a bit in the months ahead, but they’ll stay above year-ago levels,” Yun added. Source: NAR

Back to top
We are less than 1 week away from Inman Connect! Get your ticket for $99 before prices go up next week.GET YOUR TICKET×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription