Pending homes sales decline in California

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PENDING HOME SALES DECLINE 3.2 PERCENT IN JULY
Signed contracts for existing homes in July fell 3.2 percent, according to the latest Pending Home Sales Index from NAR, released Tuesday, reflecting a sharper-than-expected decline in purchase activity for the period. On a seasonally adjusted basis, the pending sales index declined to 86.5 from a revised June reading of 89.4, representing a 6.8 percent decline from a year ago, NAR reported.

"Even with the latest pullback, pending home sales have been fairly stable on a national basis for nearly a year, with dramatic local market differences continuing," said Lawrence Yun, NAR's chief economist. "Contract signings have been steaming ahead, nearly doubling in activity from a year before in several California and Florida markets."