Pending home sales in June were up by 4.8% from May but were down 2.6% from June 2023, according to the National Association of Realtors (NAR).
The Pending Home Sales Index, NAR’s a forward-looking indicator of home sales based on contract signings, grew to 74.3 in June; an index of 100 is equal to the level of contract activity in 2001. All four regions posted monthly gains in transactions while only the West recorded an increase from one year before.
“The rise in housing inventory is beginning to lead to more contract signings,” said NAR Chief Economist Lawrence Yun. “Multiple offers are less intense, and buyers are in a more favorable position. Even more inventory is expected to come onto the housing market in the upcoming months ahead of the normal, seasonal declines in the winter. The Northeast’s small gain in contract signings is due to the ongoing housing shortage situation in that region, leading to stronger home price gains. It is a good time to list.”
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