Pending home sales take unexpected dip in June

Credit availability, slow wage growth reasons for the drop

[WASHINGTON] Fewer Americans than forecast signed contracts to buy previously owned homes last month, a sign residential real estate is struggling to strengthen.

The index of pending home sales declined 1.1 per cent from the month before after rising 6 per cent in May, figures from the National Association of Realtors (NAR) showed yesterday in Washington.

Limited availability of credit and sluggish wage growth are making it harder for prospective buyers to take the plunge, threatening to throttle the...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to