Pending Home Sales rose 4.8% from May to June per the National Association of REALTORS® (NAR), coming in well above estimates of a 1% rise. Sales were 2.6% lower than they were a year earlier, though this is an improvement from May’s -6.6% year-over-year comparison. This report measures signed contracts on existing homes, making it an important forward-looking indicator for closings on these homes as measured in the Existing Home Sales report.
What’s the bottom line? The Pending Home Sales index reversed course after declining in April and May, with NAR’s Chief Economist, Lawrence Yun, explaining, “The rise in housing inventory is beginning to lead to more contract signings. Multiple offers are less intense, and buyers are in a more favorable position.”
