US Pending Home Sales Increase 4.8% in June

Posted on July 31, 2024

On Wednesday, The National Association of Realtors® (NAR) released its Pending Homes Sales Index (PHSI) for June. The Index—based on signed real estate contracts, not actual closings, for existing single-family homes, condominiums, and co-ops—increased 4.8% month-over-month to a reading of 74.3. Year-over-year, pending homes sales were down 2.6%.

An index of 100 is equal to the level of contract activity in 2001.

All four regions reported month-over-month gains, while three out of four regions saw year-over- year losses.

  • The Northeast increased 3.0% to a reading of 65.5 but was 0.3% below June 2023.
  • The Midwest climbed 4.7% to a reading of 73.7 but was down 4.2% year-over-year.
  • The South rose 6.3% to a reading of 89.3 but was 3.9% below June 2023.
  • The West increased 3.4% to a reading of 58.4 and was up 1.0% year-over-year.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.