The housing market may be cooling down as pending home sales fell for a second straight month.

The Pending Home Sales Index slipped 1.8% in July.

That's the lowest since April, according to the National Association of Realtors.

Total housing inventory increased for a sixth straight month in July climbing 7.3% to 1.32 million units. But inventories were still 12% below the year-ago level of 1.5 million.