Pending Home Sales Remain Strong In June

The National Association of REALTORS’ Pending Home Sales Index is “a forward-looking indicator based on contract signings”. The higher the Pending Home Sales Index number, the more contracts have been signed by buyers that will soon translate to sales.

The latest index was released last week, with the headline:

Pending Home Sales Dip in June
As we reported last month, May’s Index levels were the highest recorded in the last 9 years. The small 1.8% decline from May remains 8.2% over last June and the third highest reading in two years. The NAR headline, while accurate, isn’t the best representation of what really happened.

NAR’s Chief Economist Lawrence Yun points towards “low inventory levels in many markets” leading to “reduced choices” at higher price points for the small decline in National Pending Home Sales.

In every major region of the country, pending sales are up year-over-year as shown by the graph below:

Pending-Home-Sales-by-Region

Pending Home Sales by Region | Simplifying The Market

Yun goes on to say that there needs to be a significant influx of inventory into the market before anything will change.

"Unfortunately, because nearly all of these sellers are likely buying another home, there isn't a net increase in inventory. A combination of homebuilders ramping up construction and even more homeowners listing their properties on the market is needed to tame price growth and give all buyers more options."
So What Does This Mean To Buyers?

There is a lot of competition out there right now for your dream home. Prices are going to continue to climb, act now before you are priced out of your future home.

What Does This Mean to Sellers?

If you are on the fence about listing your home for sale and debating whether now is the time to move on with your plans of relocating… don't wait!

There are more buyers that are ready, willing and able to buy their first, second, third, vacation, or investment property now than there has been in years! The supply of homes for sale is not keeping up with the demand of these buyers.

Listing your home for sale now will give you the most exposure to buyers and the best sales price.

Bottom Line

Whether you are planning on buying or selling a house this year, waiting to act no longer makes sense.


669765c9 6440 4647 8dbf 389542e88b11 58aa5f32 9613 4af2 9052 5283b6fe5760 3b2af6e8 7a19 4bfd bf88 7e0072fa5177 1301420e 7ae4 4b4c 8e88 1a707943518c f06c4184 60f1 4dc1 a37a 700d1ac8a780 37efcbb1 8e3a 4b33 b303 a1dace6a8174 bccca4a4 dd86 4e72 bff1 7ac6d5e744b5 1a9daace 9aa3 45b8 b9bf 53c93cc97d87 81b23f5d 21b9 4bb5 bf93 190bb6c954a2 0e5412ae 0bfb 462b 9a59 9a2784e34dec 99875bd9 8b54 4c97 819c d47247269cec 6073569d 0776 42fc 8796 61d3c1dbdedd a71b1dd7 1be6 4dc1 891b 7c43f8b48e20 99fa63f9 d1f8 4b4a b3c3 bc8f3524e3ce d33c4636 6e89 4dab b20f 867d695100f2 6425cdf3 5b76 4a25 bf4f 3cfbba602bc8 a7b95eeb 48f0 4559 a69f 2d3aa79532a8 b03678c2 1fa8 4c7f 9da2 7dbd160be351 516248cc 931d 456a 90a1 2d80de0bf2cd cc3c7f17 3774 474e b0d2 a77ec9b2b6d3 02cf73c9 5878 48b4 9543 6f333f73b699 4611206e 9394 480f 9f28 413ce2a2b89b cef80d25 702a 4c7f 8ccf d224f1ff713d