Pending home sales decreased to a reading of 86.5 in July from an upwardly revised 89.4 in June, according to an index released yesterday by the National Association of Realtors.
IFR Markets’ poll of economists had predicted an 88.6 reading. The June reading was initially reported as 89.0.
Year-over-year, the pending homes sales index was down 6.8% in July.