For the first time since February, pending home sales rose month-over-month.

However, for context, the pace of home sales is now unchanged since May 2015...

Pending home sales managed to hold its head above water Year-over-Year - up just 0.7%.

“Market conditions in many areas continue to be fast paced, with few properties to choose from, which is forcing buyers to act almost immediately on an available home that fits their criteria,” Lawrence Yun, NAR’s chief economist, said in a statement.

“Low supply is an ongoing issue holding back activity. Housing inventory declined last month and is a staggering 7.1 percent lower than a year ago.”

Two things do stand out though:

• 13 percent of sales went to investors, smallest share this year
• All-cash transactions accounted for 18 percent of signings, the smallest share since June 2009