Contracts to buy homes fell in June
By CHRISTOPHER S. RUGABER, AP Economics Writer
WASHINGTON (AP) -- Americans signed fewer contracts to buy previously occupied homes last month, the latest sign the housing market recovery is uneven.
The National Association of Realtors says its index of sales agreements fell 1.4 percent last month to 99.3. May's reading was revised down to 100.7.
A reading of 100 is considered healthy. The index is 9.5 percent higher than it was a year ago. The index bottomed at 75.88 in June 2010 after a homebuyers' tax credit expired.
Contract signings typically indicate where the housing market is headed. There's generally a one- to two-month lag between a signed contract and a completed deal.
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