The National
Association of Realtors (NAR) announced on Wednesday its seasonally adjusted pending
home sales index (PHSI) jumped by 4.8 per cent m-o-m to 74.3 in June, following an upwardly revised 1.9 per cent m-o-m fall (from -2.1per
cent m-o-m) in May. This
marked the strongest monthly increase in pending home sales since December 2023 (+5.7
per cent m-o-m).
Economists had predicted
pending home sales to rise 1.5 per cent m-o-m in June.
On a y-o-y
basis, the index declined 2.6 per cent after an unrevised 6.6 per cent drop in May.
According to
the report, all four major U.S. regions – the South (+6.3 per cent m-o-m), Midwest (+4.7 per cent m-o-m),
West (+3.4 per cent m-o-m) and Northeast (+3.0 per cent m-o-m) - posted monthly
gains in pending home sales operations but only one of them – the West (+1.0
per cent) - registered rise on a y-o-y basis.
Commenting on the latest report, Lawrence Yun, NAR’s chief economist, noted
that the rise in housing inventory is beginning to lead to more contract
signings. “Multiple offers are less intense, and buyers are in a more favourable
position,” he added.