U.S. Pending Home Sales Rebound Much More Than Expected In June
(RTTNews) - The National Association of Realtors released a report on Wednesday showing a substantial rebound by pending home sales in the U.S. in the month of June.
NAR said its pending home sales surged by 4.8 percent to 74.3 in June after tumbling by 1.9 percent to a revised reading of 70.9 in May.
Economists had expected pending home sales to jump by 1.3 percent compared to the 2.1 percent slump originally reported for the previous month.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
"The rise in housing inventory is beginning to lead to more contract signings," said NAR Chief Economist Lawrence Yun. "Multiple offers are less intense, and buyers are in a more favorable position."
The bigger than expected rebound by pending home sales reflected strength in all four regions of the country, with the South leading the way higher with a 6.3 percent spike.
Pending home sales in the Midwest also surged by 4.7 percent, while pending home sales in the West and Northeast jumped by 3.4 percent and 3.0 percent, respectively.
"Even more inventory is expected to come onto the housing market in the upcoming months ahead of the normal, seasonal declines in the winter," said Yun.
He added, "The Northeast's small gain in contract signings is due to the ongoing housing shortage situation in that region, leading to stronger home price gains. It is a good time to list."
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