- NAR released a summary of pending home sales data showing that May’s pending home sales pace is down 0.8 percent from last month and down 1.7 percent from a year ago.
- Pending sales are homes that have a signed contract to purchase on them but have yet to close. They tend to lead Existing Home Sales data by 1 to 2 months.
- Three of the four regions showed declines from a year ago. The Northeast was the only region to have an incline of 3.1 percent. The South had a decline of 1.4 percent followed by the Midwest with a decline of 2.8 percent. The West had the biggest decline of 4.5 percent.
- From last month, the only region that did not have a decline was the Midwest, which remained flat. The West had the biggest decline of 1.3 percent. The South had a decline of 1.2 percent. The Northeast had the smallest decline of 0.8 percent.
- The pending home sales index level for the month was 108.5 for the US. April’s data was revised down slightly to 109.4.
- In spite of the decline, this is the pending index’s 37th consecutive month over the 100 index level.
- The 100 level is based on a 2001 benchmark and is consistent with a healthy market and existing home sales above the 5 million mark.
Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.