A frustratingly persistent shortage of inventory in the market for pre-owned single-family properties helped drive down pending sales for the third consecutive month.

On a seasonally adjusted basis, the U.S. Pending Home Sales Index was a preliminary 108.5 for the month of May 2017.

The index, a forward-looking indicator based on contract signings, slipped nearly a percent compared to the downwardly revised level for the preceding month.

Source: Mortgage Daily