Pending home sales dipped slightly in June in part because of inventory shortages, according to the latest Pending Home Sales Index released by the National Association of REALTORS® (NAR) today. Pending sales are still higher than a year ago, however, marking 14 consecutive months of year-over-year gains.

“Buyer interest remains strong but fewer home listings mean fewer contract signing opportunities,” said NAR Chief Economist Lawrence Yun.  “We’ve been seeing a steady decline in the level of housing inventory, which is most pronounced in the lower price ranges popular with first-time buyers and investors.”

Watch a video with Yun discussing the pending home sale picture in more detail: