An ongoing inadequate supply of residential properties for sale has pushed prospective homebuyers to a tipping point and driven down year-over-year listings seven months in a row.

A forward-looking indicator based on single-family contract signings, the Pending Home Sales Index, was calculated to be a seasonally adjusted 106.2 as of July. The reading is preliminary.

Pending home sales retreated from the upwardly revised level for the previous month by 0.7 percent. A 2.3 percent decline was recorded versus the downwardly revised level for a year previous.

Source: Mortgage Daily