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- U.S. pending home sales unexpectedly decline in June
U.S. pending home sales unexpectedly decline in June
The
National Association of Realtors (NAR) announced on Thursday its seasonally
adjusted pending home sales index (PHSI) fell 1.9 percent m-o-m to 112.8 in June,
after a revised 8.3 percent m-o-m climb in May (originally an 8.0 percent m-o-m
surge).
Economists
had expected pending home sales to increase 0.3 percent m-o-m in June.
On y-o-y basis, the index also dropped 1.9 percent after a revised 13.1 percent jump in May (originally a 13.4 percent surge).
According to the report, two of the four regional indices recorded m-o-m declines in June. Pending home sales transactions in the South decreased 3.0 percent m-o-m to an index of 132.4 in June, down 4.7 percent from June 2020. The PHSI in the West went down 3.8 percent m-o-m in June to 98.1, down 2.6 percent from a year prior. At the same time, the Northeast PHSI rose 0.5 percent m-o-m to 98.5 in June, an 8.7 percent advance from a year ago. The index in the Midwest grew 0.6 percent m-o-m to 108.3 last month, down 2.4 percent from June 2020.
"Pending
sales have seesawed since January, indicating a turning point for the
market," noted Lawrence Yun, NAR's chief economist. "Buyers are still
interested and want to own a home, but record-high home prices are causing some
to retreat."
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