Having slipped from a nine-year high in June, the National Association of Realtors Pending Home Sales Index eked out a 0.5 percent gain in July.
The index, for which 100 denotes an average level of activity, currently measures 110.9 which is 7.4 percent higher on a year-over-year basis versus 8.2 percent higher on a year-over-year basis in June.
The Pending Home Sales index for the West declined 1.4 percent to 103.0 in July but remains 7.5 percent higher versus the same time last year.