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Pending home sales were up 4.8 percent in June, with all four U.S. regions showing monthly gains in contract signings, the National Association of Realtors (NAR) reported on Wednesday.
The Pending Home Sales Index (PHSI) rose to 74.3 in June, while pending sales were down 2.6 percent year over year. An index of 100 is equivalent to the level of contract activity in 2001.
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“The rise in housing inventory is beginning to lead to more contract signings,” NAR Chief Economist Lawrence Yun said. “Multiple offers are less intense, and buyers are in a more favorable position.”
All four U.S. regions displayed monthly gains in transactions, while all regions apart from the West registered declines year over year.
The Northeast PHSI increased 3 percent from the previous month to 65.5, down 0.3 percent from June 2023. The South index increased 6.3 percent to 89.3 in June, down 3.9 percent from the previous year.
The Midwest PHSI climbed 4.7 percent in June to 73.7, down 4.2 percent from the previous year. The West index rose 3.4 percent in June to 58.4, and was the only region that showed an increase year over year — up 1 percent from June 2023.
“Even more inventory is expected to come onto the housing market in the upcoming months ahead of the normal, seasonal declines in the winter,” Yun said. “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.”
