After decreasing for three months, pending home sales increased 1.5 percent in June to a level of 110.2 on the National Association of Realtors Pending Home Sales Index.
“The first half of 2017 ended with a nearly identical number of contract signings as one year ago, even as the economy added 2.2 million net new jobs,” said NAR Chief Economist Lawrence Yun. “Market conditions in many areas continue to be fast-paced, with few properties to choose from, which is forcing buyers to act almost immediately on an available home that fits their criteria.”
The PHSI in the Northeast in June increased 0.7 percent to a level of 98. The PHSI also grew in the South by 2.1 percent to a level of 126 and in the West by 2.9 percent to a level of 101.5. The Midwest reported a 0.5 percent decrease to 104.
