US pending home sales slip in June

WASHINGTON (AP) — The number of signed contracts to buy homes fell in June, as limited supplies of homes on the market are holding back possible sales growth.

The National Association of Realtors said Wednesday that its seasonally adjusted pending home sales index declined 1.8 percent to 110.3 last month. Still, strong demand from would-be buyers has pushed the index up 8.2 percent during the past 12 months.

"We could see a bit of a slowing in the recent upward trend in existing home sales in the coming months," said Derek Lindsey, an analyst at the bank BNP Paribas.

Solid hiring and relatively low mortgage rates have fueled the previous five months of gains in the pending sales index.