Pending Home Sales Inch Higher in June
|The Pending Home Sales Index (PHSI) rose a modest 0.2 percent in June to 111.0, marking the second highest reading over the past year. Sales contracts rose in the Northeast and Midwest but fell in the West and South.
Slight Pick Up in Pending Sales
- Following huge back-to-back swings, pending home sales rose a slight 0.2 percent in June to a level of 111.0. While the month-to-month numbers can be volatile, the pending home sales index is up 1.0 percent on a year-over-year basis.
- Pending home sales, which represent contract signings, typically lead existing sales by two months. The strengthening trend in the PHSI suggests further gains in existing sales.
Sales in Northeast Lead Gains
- On a regional basis, the Northeast reported the largest gain, up 3.2 percent, and the Midwest also posted a slight pickup. These increases were largely offset by declines in the West and South, which fell 0.7 percent and 1.3 percent in June, respectively.
- The West, which accounts for 22 percent of existing sales, is now 1.8 percent lower than a year ago. The drop is likely due to low inventories in growing markets and affordability constraints.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.