Home prices continued to climb, though at a slower pace than in recent years. The median sales price of $435,300 rose 2% from a year ago, marking two years of annual increases. Higher priced homes sold better than those at the low end, with cash sales increasing to 29% of contracts – up from 27% in May.

The number of homes going under contract in the U.S. unexpectedly declined in June, as high prices and mortgage rates persist.

Pending sales of existing homes dropped in June, dimming hopes for a summer surge in the housing market as affordability concerns continue to sideline buyers. The Pending Home Sales Index, based on signed contracts for existing homes,