NAR released a summary of pending home sales data showing that June’s pending home sales pace is up 1.5 percent from last month and up 0.5 percent 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.
Two of the four regions showed declines from a year ago. The Northeast had an incline of 2.9 percent followed by the South with an increase of 2.6 percent. The West had a decline of 1.1 percent. The Midwest had the biggest decline of 3.4 percent.
From last month, three of the four regions showed gains in sales. The Midwest was the only region to show a decline of 0.5 percent. The West had the biggest incline of 2.9 percent. The South had an increase of 2.1 percent. The Northeast had the smallest incline of 0.7 percent.
The U.S. pending home sales index level for the month was 110.2. May’s data was revised down slightly to 108.6.
In spite of the decline, this is the pending index’s 38th consecutive month over the 100 level.
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.