Pending Home Sales Slow in June

Pending home sales slowed in June after showing "solid" gains for the previous three months, according to the National Association of Realtors.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 1.1 percent to 102.7 in June, down from 103.8 in May and below June 2013's 110.8.

June 2014 marks the second consecutive month above 100-considered an average level of activity.

"Activity is notably higher than earlier this year as prices have moderated and inventory levels have improved," said Lawrence Yun, NAR chief economist, in a statement.

However, parts of the country are still dealing with supply shortages, flat wages and tight credit conditions-all deterrents for a higher number of buyers to take full advantage of lower interest rates, Yun added.