• 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.



Source: Economy

Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.

This Article Appears Courtesy of Steven Diadoo

Steven Diadoo, Licensed Realtor in MN with BRIDGE REALTY and best-selling author of 'Road to Success' with Jack Canfield (Chicken Soup for the Soul), Board Member at Bowling for Brains Non-Profit 501(c)3 (Event to benefit the American Brain Tumor Association), licensed Realtor with Bridge Realty, Seen on DIY TV, Create Channel and PBS. For help buying and/or selling a house, please call (952) 270-6141 or Click here.