The National Association of Realtors is reporting that overall pending home sales in June increased in all four major regions but overall year-over-year activity lagged for the 6th straight month. The NAR’s Pending Home Sales Index rose 0.9% to 106.9 in June, up from May. However, the NAR says demand is still exceeding supply. A sale is listed as pending when the contract has been signed but the transaction hasn’t closed, though the sale usually is finalized within one or two months of signing.
“Home price growth remains swift and listings are still going under contract at a robust pace in most of the country, which indicates that even with rising inventory in many markets, demand still significantly outpaces what’s available for sale…However, if this trend of increasing supply continues in the months ahead, prospective buyers will hopefully begin to see more choices and softer price growth.” Said Lawrence Yun, the NAR’s chief economist.
Click here to read the full release at the National Association of Realtors.
