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Pending-home sales stumble as low inventory chokes market

Home purchase contract signings declined again in May, another sign of the headwinds working against momentum in the housing market. The pending home sales index from the National Association of Realtors slid 0.8%, marking the third-straight monthly decline. The index hit 108.5 in May and its April level was revised lower. It was lower compared to a year ago for the second month in a row in May, this time by 1.7%.

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