Pending home sales fell 1.9% in June after a strong gain in the prior month, the National Association for Realtors reported Thursday.
The numbers: Pending home sales fell 1.9% in June, the National Association for Realtors said Thursday. Economists polled by the Wall Street Journal had projected a 0.5% gain.
The big picture: Contract signings usually precede closings by about 45 days, so the pending-home-sales release is considered a leading indicator for the existing-home-sales report. The Federal Reserve on Wednesday laid the groundwork for starting to taper its bond-buying program. Many analysts expect interest rates to rise somewhat as a result later this year.
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