Pending home sales pull back in June as rates rise

A U.S. flag decorates a for-sale sign at a home in the Capitol Hill neighborhood of WashingtonBy Paige Gance WASHINGTON (Reuters) – Contracts to purchase previously owned U.S. homes fell in June, retreating from a more than six-year high and suggesting rising mortgage rates were starting to dampen home sales. The National Association of Realtors said on Monday its Pending Homes Sales Index, based on contracts signed last month, decreased 0.4 percent to 110.9. May's index was revised down to 111.3, the highest since December 2006, from a previously reported 112.3. Economists polled by Reuters had expected signed contracts, which become sales after a month or two, to fall 1.0 percent. …



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