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Pending Home Sales Declined 8.6% in June 2022

NAR released a summary of pending home sales data showing that June’s pending home sales pace weakened 8.6% last month and fell 20% from a year ago.

Bar graph: Pending Home Sales, June 2021 to June 2022

Pending sales represent homes that have a signed contract to purchase on them but have yet to close. They tend to lead existing-home sales data by 1 to 2 months.

All four regions showed double-digit declines from a year ago. The West had the most significant dip of 30.9%, followed by the South with a drop in contract signings of 19.2%. The Northeast fell 17.6%, followed by the Midwest with the smallest decline of 13.4%.

Bar graph: June U.S. and Regional Pending Sales, 2022 and 2021

From last month, all four regions showed reductions in contract signings. The West region had the most significant dip of 15.9%, followed by the South with a decrease of 8.9%. The Northeast fell 6.7%, and the Midwest had the smallest decline of 3.8%.

The U.S. pending home sales index level for June was 91.

June’s contract signings bring the pending index below the 100-level mark for the third consecutive month.

Line graph: U.S. and Regional Pending Home Sales Index, January 2019 to May 2022

The 100 level is based on a 2001 benchmark and is consistent with existing-home sales above the 5 million mark.

When you are looking to buy or sell your home, please call us at CENTURY 21 Alliance Realty 352-686-0000.

Source: https://www.nar.realtor/blogs/economists-outlook/pending-home-sales-declined-8-6-in-june-2022

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