National Association of Realtors (NAR) report on pending home sales

US Pending Home Sales Surge 4.8% in June, First Increase in Three Months

Jul 31, 2024, 02:06 PM

Pending home sales in the United States surged by 4.8% in June, marking the highest monthly gain of the year and rebounding from a previous decline of -1.9%. This increase exceeded expectations of a 1.4% rise. The improvement was driven by an uptick in inventory and a slight moderation in mortgage rates, which dipped from 7.05% in May to 6.92% in June. All four U.S. regions posted monthly gains in transactions, contributing to the overall positive performance. However, on a year-over-year basis, pending home sales saw a decline. According to the National Association of Realtors (NAR), contracts to buy previously owned homes rebounded sharply in June from June 2023 levels. This marks the first increase in pending home sales in three months.