US pending home sales fall in June

The index from the National Association of Realtors (NAR) declined 1.8% month-on-month in June, pulling back from a nine-year high to settle at 110.3.

The decline will come as a surprise to analysts, who had expected a growth of 1% last month.

"The demand is there for more sales, but the determining factor will be whether or not some of these buyers decide to hold off even longer until supply improves and price growth slows," said Lawrence Yun, NAR's chief economist.