After steadying themselves for three months, pending home sales finally rose in June, representing the first increase since May, the National Association of Realtors reported Wednesday.
Home purchase contract signings increased 3.8% last month to a reading of 106.4, which is down 15.5% from pre-pandemic levels in June 2019. NAR Chief Economist Lawrence Yun said that last month’s increase was spurred by historically low mortgage rates, which helped to attract buyers who were on the sidelines.
“With mortgage rates dipping below 3% last week and jobs coming back, home sales are expected to strengthen further in the second half of the year,” Yun said. “More people working and the reopening of the economy are the two key factors to getting the real estate market back on track.”
The Northeast had the biggest regional increase in pending home sales last month, with a reading of 111.3, which is up 6.3% from the month prior. In the Midwest, pending home sales were at 103.3, which is a 2.1% increase from May.
Pending home sales fell slightly in the South, where the index was at 103.7, representing a 0.4% decrease from the month prior. In the West, the index was at 91.8, which is a 0.6% decrease from May.
You can read this full article at: https://www.housingwire.com/articles/pending-home-sales-rise-for-the-first-time-since-may-2022/
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