Pending home sales stepped back in July and have now fallen on an annual basis for seven straight months, according to the National Association of Realtors.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 0.7 percent to 106.2 in July from 107.0 in June. With last month's decline, contract signings are now down 2.3 percent year-over-year.