NAR released a summary of pending home sales data showing that June’s pending home sales pace declined 1.9% last month and fell 1.9% 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.
Three of the four regions showed declines from a year ago. The South had the largest dip of 4.7%, followed by the West with a drop in contract signings of 2.6%. The Midwest had a decrease of 2.4. Only the Northeast region had a gain of 8.7%.
From last month, two of the four regions showed gains in contract signings. The Midwest had a modest incline of 0.6%, followed by the Northeast which had an increase of 0.5%. The West had the biggest decline of 3.8%, followed by the South’s smallest decrease of 3.0%.
The U.S. pending home sales index level for the month was 112.8.
June’s contract signings bring the pending index above the 100-level mark for the 14th consecutive month.
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.