July 2022’s very modest decline in pending home sales reflects the recent retreat in mortgage rates. Month-over-month, pending sales fell in three of the four major regions of the U.S., with the West posting a small increase. Year-over-year, contract signings declined by double digits in each region.
Next release: Pending Home Sales for August 2022 will be released on Wednesday, September 28, 2022 at 10:00 a.m. Eastern.
The Pending Home Sales Index (PHS), a leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.