NAR: Pending Home Sales Down In June

12068_community NAR: Pending Home Sales Down In June Pending home sales declined in June, according to new data from the National Association of Realtors (NAR).

NAR's Pending Home Sales Index (PHSI) slipped 1.4% to 99.3 in June from a downwardly revised 100.7 in May, but remains 9.5% higher than June in 2011, when it was 90.7.Â

Regionally, the PHSI in the Northeast fell 7.6% to 76.6 in June, but was 12.2% higher than a year ago. In the Midwest, the index slipped 0.4% to 94.4 in June, but was 17.3% above June 2011. Pending home sales in the South declined 2% to an index of 106.2 in June, but was 8.8% above a year earlier. In the West, the index rose 2.6% in June to 111.5, and was 3% higher than June 2011.

‘Buyer interest remains strong, but fewer home listings mean fewer contract signing opportunities,’ says NAR Chief Economist Lawrence Yun. ‘We've been seeing a steady decline in the level of housing inventory, which is most pronounced in the lower price ranges popular with first-time buyers and investors.’


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