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The index measuring signed home-sale contracts increased 3.3 percent on the month.
U.S. homebuyers signed more contracts to buy existing homes in July, rebounding from a drop in June. The National Association of Realtors' monthly "pending home sales" index rose 3.3 percent in July over June but is still 2.1 percent below its level in July 2013.
"Interest rates are lower than they were a year ago, price growth continues to moderate and total housing inventory is at its highest level since August 2012," said Lawrence Yun, NAR's chief economist. "The increase in the number of new and existing homes for sale is creating less competition and is giving prospective buyers more time to review their options before submitting an offer."