Pending Sales Gained Ground in June, Continued Year-Over-Year Slump

Posted To: MND NewsWire

Pending home sales rose marginally again in June, beating the National Association of Realtors® (NAR's) Pending Home Sale Index (PHSI) for the previous month by 0.9 percent. The index, based on contracts for existing home purchases, rose from 105.9 in May to 106.9 in June. The June gain is slightly better than the 0.5 percent increase from April to May, but the PHSI remains behind the corresponding month a year earlier for the sixth consecutive month. The annual shortfall for June was 2.5 percent. The June index was higher than May's in all four regions. However, like the national index, those regions are all running behind their year earlier numbers. Results were in line with the consensus estimate from analysts polled by Econoday , 0.8 percent. Their predictions ranged from 0.3 to 1.0...(read more)

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