U.S. Pending Home Sales Drop in June

U.S. pending home sales declined in June by 1.9%, according to data by the National Association for Realtors released on Thursday.

The decline came against market expectations of an increase amid a tight supply in the housing market.

Meanwhile, May’s reading was revised upwards to show an increase of 8.3% from 8%.

On an annual level, the pending home sales increased by 1.9% last month.