By Steve Goldstein
WASHINGTON (MarketWatch) -- Sales contracts on homes fell in June, backing away from six-year peaks after a recent rise in mortgage rates, according to data released Monday. Pending home sales fell 0.4%, though they are up 10.9% from June 2012 levels, the National Association of Realtors said. "Mortgage interest rates began to rise in May, taking some of the momentum out of contract activity in June," said NAR Chief Economist Lawrence Yun in a statement. "The persistent lack of inventory also is contributing to lower contract signings," he said. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. The NAR forecasts existing home sales of 5.05 million and 968,000 housing starts this year.
