Having slipped 0.5 percent in May, the National Association of Realtors Pending Home Sales Index, for which 100 denotes “an average level” of activity, inched up 0.9 percent in June to 106.9 but remains 2.5 percent lower on a year-over-year basis and 4.8 percent below last year’s high of 112.3.

At the same time, the inventory of unsold homes listed for sale across the nation rose 4.3 percent to 1.95 million homes at the end of June and is now running 0.5 percent higher on a year-over-year basis, the first year-over-year increase since June of 2015.

And out West, while the Pending Home Sale Index inched up 0.7 percent to 95.4, it remains below average and 5.6 percent lower on a year-over-year basis.

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