Contracts to buy previously owned homes unexpectedly rose in June after two straight monthly declines, but the housing market remains hobbled by a dearth of properties available for sale.

The National Association of Realtors recently said its Pending Home Sales Index, based on contracts signed last month, increased 0.9 percent. Economists and experts alike had forecast pending home sales to remain unchanged in June.

Pending home contracts become sales after a month or two, and last month’s surprise rise suggested a rebound in existing home sales, which have declined for three straight months. But any bounce back in home sales is likely to limited by a chronic shortage of homes, which is currently keeping house prices up.

Pending home sales fell 2.5 percent in June from a year ago. Housing data has softened in recent months. Housing starts and building permits dropped to a nine-month low in June amid more expensive building materials and shortages of land and labor. New home sales tumbled to an eight-month low in June.

The trends in many housing indicators have weakened lately and t is thought that the recent increase in rates is putting some downward pressure on activity in the housing market.

House price increases are above 5 percent on an annual basis, far outpacing wage growth, which has been stuck below 3 percent, despite a robust labor market. The 30-year mortgage rate is around 4.64 percent, but still low by historical standards.

Investment in home building contracted in the second quarter. It was the second straight quarterly decline. The economy grew at a 4.1 percent annualized rate in the April-June period, the strongest performance in nearly four years.

Even with slightly more homeowners putting their home on the market, inventory is still subpar and not meeting demand. As a result, affordability constraints are pricing out some would-be buyers and keeping overall sales activity below last year’s pace.