The National Association of Realtors reported that the US Pending Home Sales Index fell 5.4% month-over-month to 72.5 in June, a larger decline than the 0.5% drop expected by economists polled by Reuters. On a year-over-year basis, the index fell 0.3%, with all four regions posting declines. The data suggests that prospective buyers are increasingly taking a wait-and-see approach amid rising mortgage rates and home prices. NAR Chief Economist Lawrence Yun said the housing market is sluggish due to mortgage rates near their highest levels in almost a year and record-high median home prices, making conditions particularly tough for first-time buyers.