Having suddenly dropped 3.7 percent in May, the National Association of Realtors Pending Home Sales Index, for which 100 denotes an average level of activity, eked out a nominal 0.2 percent gain to 111.0 in June.

As such, the index is 1.0 percent higher on a year-over-year basis but is down 3.5 percent from April’s ten-year high.

At the same time, the Pending Home Sales Index for the West dropped 1.3 percent to 101.3 in June, which is now 1.8 percent lower versus the same time last year.

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