- NAR released a summary of pending home sales data showing that June’s pending home sales pace is up 1.5 percent from last month and up 0.5 percent from a year ago.
- Pending sales represent 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.
- Two of the four regions showed declines from a year ago. The Northeast had an incline of 2.9 percent followed by the South with an increase of 2.6 percent. The West had a decline of 1.1 percent. The Midwest had the biggest decline of 3.4 percent.
- From last month, three of the four regions showed gains in sales. The Midwest was the only region to show a decline of 0.5 percent. The West had the biggest incline of 2.9 percent. The South had an increase of 2.1 percent. The Northeast had the smallest incline of 0.7 percent.
- The U.S. pending home sales index level for the month was 110.2. May’s data was revised down slightly to 108.6.
- In spite of the decline, this is the pending index’s 38th consecutive month over the 100 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.