Economists' Outlook

Housing stats and analysis from NAR's research experts.

Pending Home Sales Rise Modestly in June 2023

NAR released a summary of pending home sales data showing that June's pending home sales pace inclined 0.3% from last month but fell 15.6% from a year ago.

Bar graph: Pending Home Sales Index, June 2022 to June 2023

Pending sales represent homes with a signed contract to purchase but have yet to close. They tend to lead existing-home sales data by 1 to 2 months.

All four regions showed double-digit declines from a year ago. The Midwest had the most significant dip at 17.1%, followed by the Northeast with a drop in contract signings of 16.7%. The West fell 15.5%, followed by the South with the smallest decline of 14.3%.

Bar graph: June U.S. and Regional Pending Sales, 2023 and 2022

From last month, two of the four regions showed declines in contract signings. The Midwest region had the most significant incline of 4.3%, followed by the Northeast with a modest gain of 0.6%. The South had the largest decline of 1.4%, followed by the West with the smallest drop of 1.0%.

The U.S. pending home sales index level for June was 76.8. May's pending sales figures were revised to 76.6.

June's contract signings bring the pending index below the 100-level mark for the fifteenth consecutive month.

The 100 level is based on a 2001 benchmark and is consistent with existing home sales above the 5 million mark.

Line graph: Pending Home Sales Index, January 2019 to June 2023