Dive summary:

• Signed contracts for previously owned homes went down a bit in June, and some economists say that is a reflection of the rise in mortgage interest rates and could be a trend.
• The National Association of Realtors, which calculates an index of such sales, says that was 110.9 in June and was down almost a half-percent (0.04%) from May but still well above June 2012, and the annual pace for June was up from a year ago.
• The effect on all housing may be psychological because the recovery has been depending on the housing sector and consumer spending for improvement while government spending falls and exports are weak.

From the article:

Jim O'Sullivan, chief U.S. economist at High Frequency Economics, said the pending home-sales report will cause a greater focus on housing in the coming months as the Federal Reserve ponders when to rein in its stimulus measures. ...