Chattanooga Homes For Sale monthly market update: Pending home sales edged down with near-term sales expected to be notably lower in contrast to the spring surge when buyers rushed to take advantage of the home buyer tax credit, NAR says. The Pending Home Sales Index, a forward-looking indicator, declined 2.6 percent to 75.7 based on contracts signed in June from an upwardly revised level of 77.7 in May, and is 18.6 percent below June 2009 when it was 93.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months. NAR Chief Economist Lawrence Yun said lower home sales are expected in the short term, but added that sales could pick up later this year if the job market improves.