Pending home sales in June rose 4.8%, according to the National Association of Realtors. All four U.S. regions posted monthly gains in transactions. Year-over-year, the Northeast, Midwest and South registered declines, while the West increased.
The Pending Home Sales Index grew to 74.3 in June. Year over year, pending transactions were down 2.6%. An index of 100 is equal to the level of contract activity in 2001.
“The rise in housing inventory is beginning to lead to more contract signings,” according to NAR’s chief economist. “Multiple offers are less intense, and buyers are in a more favorable position.”
*Image courtesy of the National Association of Realtors.