The National Association of Realtors Pending Home Sales Index dropped 1.1 percent from May to June and is running 7.3 percent lower on a year-over-year basis versus 5.2 percent lower, year-over-year, in May.

With respect to inventory, the number of homes for sale across the U.S. slipped 0.4 percent from April to May and was running 5.8 percent lower on a year-over-year.

The Pending Home Sales index for the West increased a nominal 0.2 percent from May to June but is now running 16.7 percent lower on a year-over-year basis versus 11.1 percent lower in May.

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