Economists' Outlook

Housing stats and analysis from NAR's research experts.

June 2019 Pending Home Sales

  • NAR released a summary of pending home sales data showing that June’s pending home sales pace was up 2.8% last month, and after 17 months of declines, up 1.6 % from a year ago.
Chart: Pending Home Sales Index, June 2018 to June 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.  
  • All four regions showed gains from a year ago. The West had the biggest increase in sales of 2.5% followed by the Midwest with an increase of 1.7%. The South experienced a rise of 1.4% while the Northeast had the smallest gain of 0.9%.
  • From last month, all four regions showed increases in contract signings. The West region had the biggest gain of 5.4 %. The Midwest had an increase of 3.3 % followed by the Northeast with a gain of 2.7 %. The South had the smallest gain of 1.3 %.
  • The U.S. pending home sales index level for the month was 108.3.
Chart: June U.S. and Regional Pending Sales
  • June’s increase brings the pending index back above the 100 level mark for the sixth 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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