Pending home sales in June were down by 0.8% from the prior month and were also down 2.8% year-over-year, according to the National Association of Realtors (NAR).
Month-over-month and year-over-year pending sales declined in the Midwest, South, and West. The Northeast recorded a 2.1% uptick in pending home sales from May but remained unchanged from June 2024. NAR’s Confidence Index recorded a 4% and 6% year-over-year increase in homebuyer and seller traffic, respectively.
“The data shows a continuation of small declines in contract signings despite inventory in the market increasing. Pending sales in the Northeast increased incrementally even though home price growth in the region has been the strongest in the country,” said NAR Chief Economist Lawrence Yun. “The Realtors Confidence Index shows early indications of potential contract signings increasing moving forward. Realtors are optimistic that homebuying and selling activity will increase. That confidence is supported by the fact that mortgage applications have been rising.”
It begs the question”WHEN” questions. When will interest rates fall? When will the bond market improve? When will the inflation rate fall more?