Pending home sales in US see 4.8 percent increase in June
(MENAFN) According to data released by the National Association of Realtors (NAR) on Wednesday, pending home sales in the US experienced a significant rebound in June, increasing by 4.8 percent. This rise comes after reaching their lowest level on record. The growth surpassed expectations, which had anticipated a more modest 1.4 percent increase. The revised data for May shows a decline of 1.9 percent in pending home sales, slightly less severe than the initially reported decrease of 2.1 percent, which had marked an all-time low.
The pending home sales index, a forward-looking measure based on contract signings, climbed to 74.3 in June from 70.8 in May. Lawrence Yun, NAR’s chief economist, attributed the increase to a rise in housing inventory leading to more contract signings. He noted that the intensity of multiple offers has diminished, placing buyers in a more advantageous position. Despite this improvement, pending transactions were still down 2.6 percent compared to the same month last year.
Regionally, pending home sales showed a decline across most of the US on an annual basis, with the exception of the West, where there was an increase. Yun indicated that more inventory is anticipated in the coming months before the typical seasonal slowdown during winter.
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