Having inched up 0.9 in June, the National Association of Realtors Pending Home Sales Index, for which 100 denotes “an average level” of activity, slipped 0.7 percent in July to 106.2 and is now running 2.3 percent lower on a year-over-year basis and 5.4 percent below last year’s high of 112.3.

At the same time, while the inventory of unsold homes listed for sale across the nation slipped 1.5 percent at the end of July to 1.92 million homes, inventory levels remain even on a year-over-year basis.

And out West, the Pending Home Sale Index dropped 0.9 percent to 94.7 and is now running 5.8 percent lower on a year-over-year basis.

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