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Charts from Today’s Pending Home Sales Release

After reaching the highest level in over six years, pending home sales declined in June, with rising mortgage interest rates beginning to impact the market.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, edged down 0.4 percent to 110.9 in June from a downwardly revised 111.3 in May, but is 10.9 percent higher than June 2012 when it was 100.0; the data reflect contracts but not closings.

Based on year-to-date sales activity, and stable contract signings expected for the balance of the year, NAR projects existing-home sales to rise more than 8 percent in 2013. Inventory shortages will lead the median price to rise by nearly 11 percent this year.

T.J. Doyle, Director of Research Marketing and Communications

TJ Doyle, Marketing and Communications Manager, works on marketing the products and services the Research Division produces to members and non-members alike. TJ oversees Research’s social media presence, focused on promoting NAR Research to members, the media, government affairs and other industry groups.

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Comments
  1. BIG KUDOS to Mr. Yun… He finally gets it…. Housing inflation is impacted demand… What I exactly sent to him on May 7, 2013… that it isn’t the lower inventory he should worry about it’s when mortgage rates rise you have H inflation on both fronts and with a low paying job economic cycle recovery…. Well we can all to the DTI math… for the sake of mankind please update that NAR affordability index it’s not valid in this economic cycle with low down payment loans and ( 25 DTI Metric)
    http://loganmohtashami.com/2013/05/07/housing-mammoth-stuck-in-tar-has-bigger-problems-to-worry-about/