PORTLAND, OR , Aug. 28, 2013 (RISI) -
The National Association of Realtors' Pending Home Sales Index (PHSI) declined 1.3% to 109.5 in July from 110.9 in June, but is 6.7% above July 2012 when it was 102.6. Pending sales have stayed above year-ago levels for the past 27 months. The association blamed higher mortgage interest rates and rising home prices for the one-month decline.
The PHSI in the Northeast fell 6.5% to 81.5 in July but is 3.3% higher than a year ago. In the Midwest the index slipped 1.0% to 113.2 in July but is 14.5% above July 2012. Pending home sales in the South rose 2.6% to an index of 121.5 in July and are 7.7% higher than a year ago. The index in the West fell 4.9% in July to 108.6, and is 0.4% below July 2012.
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