Pending home sales increased 0.3% from May to June to a level of 76.8 on the National Association of Realtors Pending Home Sales Index. It’s the first increase in pending home sales in four months.
Year-over-year, pending home sales dropped 15.6%. An index level of 100 is equal to contract activity in 2001.
“The recovery has not taken place, but the housing recession is over,” NAR Chief Economist Lawrence Yun said in a statement. “The presence of multiple offers implies that housing demand is not being satisfied due to lack of supply. Homebuilders are ramping up production and hiring workers.”
Regionally, pending home sales rose 0.6% in the Northeast and 4.3% in the Midwest. Pending home sales declined 1.0% in the West and 1.4% in the South. Every region had a decline compared with June 2022.
