Pending home sales slipped 1.4% in June, a trade group said Thursday, continuing a slate of more cautious readings from the housing sector
The pending-home-sales index fell to 99.3 from a downwardly revised 100.7 in May, the National Association of Realtors said
The NAR initially said the May index was at 101.1
"Buyer interest remains strong but fewer home listings mean fewer contract signing opportunities," said Lawrence Yun, chief economist of the NAR, who added that delays in the foreclosure process also were holding up sales
Compared to the same period in 2011, pending home sales were up 9.5%, marking the 14th straight month of year-on-year gains
A sale is listed as pending when the contract has been signed but the transaction has not closed, and an index of 100 is equal to the average level of contract activity during 2001
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