Economists' Outlook

Housing stats and analysis from NAR's research experts.

July 2019 Pending Home Sales

  • NAR released a summary of pending home sales data showing that July’s pending home sales pace was down 2.5% last month and fell modestly 0.3 % from a year ago.
Bar graph: Pending Home Sales Index July 2018 - July 2019
  • Pending sales represent homes that have a signed contract to purchase on them but have yet to close. They tend to lead Existing-Home Sales data by 1 to 2 months. 
  • Two of the four regions showed gains from a year ago. The West had the biggest increase with sales of 0.3% followed by the South with an increase of 0.1%. The Northeast had a decline of 0.9% while the Midwest had the largest dip of 1.2%.
  • From last month, all four regions showed declines in contract signings. The West region had the biggest drop, of 3.4 %. The Midwest had a decline of 2.5 % followed by the South which fell 2.4 %. The Northeast had the smallest dip of 1.6 %.
  • The U.S. pending home sales index level for the month was 105.6.
Bar graph: July U.S. and Regional Pending Sales June 2018 and June 2019
  • July’s increase brings the pending index back above the 100 level mark for the seventh consecutive month.
  • The 100 level is based on a 2001 benchmark and is consistent with a healthy market and existing-home sales above the 5 million mark.

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