NAR launched a abstract of pending dwelling gross sales information displaying that June’s pending dwelling gross sales tempo weakened 8.6% final month and fell 20% from a yr in the past.
Pending gross sales symbolize houses which have a signed contract to buy on them however have but to shut. They have a tendency to guide existing-home gross sales information by 1 to 2 months.
All 4 areas confirmed double-digit declines from a yr in the past. The West had essentially the most vital dip of 30.9%, adopted by the South with a drop in contract signings of 19.2%. The Northeast fell 17.6%, adopted by the Midwest with the smallest decline of 13.4%.
From final month, all 4 areas confirmed reductions in contract signings. The West area had essentially the most vital dip of 15.9%, adopted by the South with a lower of 8.9%. The Northeast fell 6.7%, and the Midwest had the smallest decline of three.8%.
The U.S. pending dwelling gross sales index stage for June was 91.
June’s contract signings convey the pending index under the 100-level mark for the third consecutive month.
The 100 stage relies on a 2001 benchmark and is in line with existing-home gross sales above the 5 million mark.