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“The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 0.9 percent to 106.9 in June from 105.9 in May. Despite last month’s increase, contract signings are still down 2.5 percent on an annual basis,” the National Association of Realtors reported on Monday.

Key takeaways from the official publication

  • After two straight months of pending sales declines, home shoppers in a majority of markets had a little more success finding a home to buy last month.
  • The positive forces of faster economic growth and steady hiring are being met by the negative forces of higher home prices and mortgage rates.  
  • Affordability constraints are pricing out some would-be buyers and keeping overall sales activity below last year’s pace.
  • Home price growth remains swift and listings are still going under contract at a robust pace in most of the country.