NAR released a summary of pending home sales data showing that July’s pending home sales are up 1.3 percent bouncing back from last month and also improved 1.4 percent from a year ago.
Pending sales are 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.
All regions showed increases from a year ago except the Midwest, which had a decline of 1.1 percent. The West saw the biggest gain from a year ago at 6.2 percent while the South had the smallest gain of 0.4 percent. The Northeast had a gain of 1.1 percent.
From last month, the West had the largest incline at 7.3 percent. The South and the Northeast both shared a modest gain of 0.8 percent. The only region to experience a decline was the Midwest, which had a decline of 2.9 perfect from last month.
The pending home sales index level was 111.3 for the US, making it the second-highest level in 2016, behind April’s record 115.0.
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.