While a downward revision wiped out June’s nominal gain, the National Association of Realtors Pending Home Sales Index, for which 100 denotes an average level of activity, ticked up 1.3 percent from the downwardly revised level to 111.3 in July.

As such, the index remains 1.4 percent higher on a year-over-year basis but 3.2 percent below this past April’s reading of 115.0, which was a ten-year high.

Having dipped in June, the Pending Home Sales Index for the West jumped 7.3 percent to 108.7 in July and now measures 6.2 percent higher versus the same time last year.

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