Pending Sales of U.S. Existing Homes Unexpectedly Declines

Fewer Americans signed contracts in June to buy previously owned homes, representing a pause in the housing market’s momentum.

The index of pending home sales unexpectedly fell 1.8 percent, the first drop this year, after a revised 0.6 percent increase in May that was smaller than initially reported, figures from the National Association of Realtors showed Wednesday in Washington. The median forecast of 37 economists surveyed by Bloomberg called for a 0.9 percent gain.