The Pending Home Sales Index was 111 in June, up 0.2 percent from May’s Index of 110.8 and 1.0 percent higher than June 2015’s Index of 109.9, according to the National Association of Realtors.
June’s PHSI is also down 3.47 percent from this year’s peak in April of 115.
NAR Chief Economist Lawrence Yun said in a statement that the country’s housing supply continues to be a problem.
“With only the Northeast region having an adequate supply of homes for sale, the reoccurring dilemma of strained supply causing a run-up in home prices continues to play out in several markets, leading to the last two months reflecting a slight, early summer cooldown after a very active spring,” he said. “Unfortunately for prospective buyers trying to take advantage of exceptionally low mortgage rates, housing inventory at the end of last month was down almost 6 percent from a year ago, and home prices are showing little evidence of slowing to a healthier pace that more closely mirrors wage and income growth.”
Regionally, the PHSI in the Northeast grew 3.2 percent to 96 in June. The Midwest PHSI rose 0.8 percent to 108.9. The South saw the PHSI decrease 0.6 percent to 125.9. The PHSI in the West declined 1.3 percent to 101.3.
