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Pending Home Sales Decline 1.9% in June 2021

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NAR launched a abstract of pending house gross sales information exhibiting that June’s pending house gross sales tempo declined 1.9% final month and fell 1.9% from a yr in the past.

Bar chart: Pending Home Sales Index, June 2020 to June 2021

Pending gross sales signify properties which have a signed contract to buy on them however have but to shut. They have an inclination to guide existing-home gross sales information by 1 to 2 months.

Three of the 4 areas confirmed declines from a yr in the past. The South had the most important dip of 4.7%, adopted by the West with a drop in contract signings of two.6%. The Midwest had a lower of two.4. Solely the Northeast area had a acquire of 8.7%.

Bar chart: June U.S. and Regional Pending Sales, 2021 and 2020

From final month, two of the 4 areas confirmed positive aspects in contract signings. The Midwest had a modest incline of 0.6%, adopted by the Northeast which had a rise of 0.5%. The West had the largest decline of three.8%, adopted by the South’s smallest lower of three.0%.   

The U.S. pending house gross sales index stage for the month was 112.8.

June’s contract signings deliver the pending index above the 100-level mark for the 14th consecutive month.

Line graph: U.S. and Regional Pending Home Sales Index, February 2019 to June 2021

The 100 stage relies on a 2001 benchmark and is in keeping with a wholesome market and existing-home gross sales above the 5 million mark.

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