The numbers: U.S. pending-home sales dropped in July by 1%, according to the month-to-month index released Wednesday by the National Association of Realtors.
Analysts surveyed by the Wall Street Journal had forecast the pending residence sales index to visit 3%.
Sales dropped for the second month straight in July. In June, pending house sales dropped by 8.6%. This is also the eighth time pending house sales have actually dropped in the last nine months.
The index reflects purchases where the contract has been signed for an existing-home sale, but the sale has actually not yet shut.
Financial experts see it as an indication for the direction of existing-home sales in succeeding months.
The decrease in pending home sales follows weaker data on the new house and existing home sales fronts, along with a dip in home mortgage application task.
Trick information: Compared with a year earlier, deals were down 19.9%.
Pending sales dropped in 3 of the 4 major regions, however activity boosted in the West somewhat