US Pending Homes Sales Increase in 2 Out of 4 Regions in June

Posted on July 27, 2023

On Thursday (7-27-23), the National Association of Realtors® (NAR) reported its Pending Home Sales Index (PHSI)—based on signed real estate contracts, not actual closings, for existing single-family homes, condominiums, and co-ops—increased 0.3% month-over-month to a reading of 76.8 in June. An index of 100 is equal to the level of contract activity in 2001. The June increase is the first increase reported since February. Year-over-year, pending transactions declined 15.6%.

NAR is reporting that two out of four regions registered a month-over-month increase in June. Year-over-year, all four regions posted declines. The regional breakdown is as follows:

  • The Northeast PHSI rose 0.6% to a reading of 67.1 but was down 16.7% from June 2022.
  • The Midwest PHSI climbed 4.3% to a reading 77.6 but was down 17.1% year-over-year.
  • The West PHSI dropped 1.0% to a reading of 57.7 and was 15.5% lower than in June 2022.
  • The South PHSI slid 1.4% to a reading of 93.3 and was down 14.3% year-over-year.
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