Pending home sales declined marginally in June after recording a notable gain in May, the National Association of Realtors® reported. Contract activity was split in the four major U.S. regions from both a year-over-year and month-over-month perspective. The Northeast recorded the only yearly gains in June.
The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings,
fell 1.9% to 112.8 in June.
Year-over-year, signings also slipped 1.9%. An index of 100 is equal to the level of contract activity in 2001.
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The Northeast PHSI increased 0.5% to 98.5 in June, an 8.7% rise from a year ago. In the Midwest, the index grew 0.6% to 108.3 last month, down 2.4% from June 2020.