Pending home sales increased 4.8% from May to June, with all four U.S. regions posting monthly gains in transactions, according to the National Association of Realtors.
However, NAR reported year-over-year pending transactions were down 2.6%.
In the Northeast region, pending home sales rose 3.0% from May to June but reported a decline of 0.3% from June 2023. The Midwest index climbed 4.7% in June, down 4.2% from one year ago.
In the South, pending home sales increased 6.3% in June but dropped 3.9% from June 2023. The West index rose 3.4% from May to June and increased 1% from June 2023.
“The rise in housing inventory is beginning to lead to more contract signings,” NAR Chief Economist Lawrence Yun said in a statement. “Multiple offers are less intense, and buyers are in a more favorable position.”
