US pending home sales index up 0.6 percent in June

Pending sales of previously owned homes rose in June, indicating that home sales in July and August may edge higher, data released on Monday by the National Association of Realtors showed.

The Pending Home Sales Index, based on data collected in June, stood at 126.3, up 0.6 percent from May and 3.6 percent above the comparable month a year ago.

"Existing-home sales will stay in record territory for transactions in July and August," said David Lereah, the group's chief economist.

The index, launched by the group earlier this year, includes pending sales of existing single-family units, condominiums and co-ops. A home sale is pending when the contract has been signed but the transaction has not closed. Pending sales will typically close within one or two months of contract signing.