Pending Home Sales Rise in June, Helped by Western Gains
Pending home sales rose in June, with activity particularly brisk in the western part of the U.S., a trade group said Tuesday.
The National Association of Realtors® said pending home sales climbed 2.8%, with gains in each of the four major regions, including a 5.4% jump in the West.
Compared to 12 months ago, sales rose 1.6%, the first year-over-year gain in 17 months.
The NAR attributed the gain to strong job growth, a near-record stock market, rising home values and low mortgage rates.
The Case-Shiller home-price report also released Tuesday showed moderating gains in prices in key Western cities, and in Seattle’s case, an outright year-over-year decline.
A sale is listed as pending when the contract has been signed but the transaction has not closed. The pending-home-sales index typically represents about 20% of the transactions for existing home sales.