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.
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%.
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.