“Seesawing” Pending Sales May Signal Market Turning Point; Rates Staying Near Lows

Pending home sales fell back slightly in June after a notable and unexpected 8.0 percent gain in May. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) dipped 1.9 percent from May to a reading of 112.8. This was also 1.9 percent lower than the index in June 2020. The PHSI is based on newly signed contracts to purchase existing single-family homes, townhouses, condos, and cooperative apartments. It is considered a leading indicator of those sales which are generally expected to close over the next one to two months. “Pending sales have seesawed since January, indicating a turning point for the market,” said Lawrence Yun, NAR’s chief economist. “Buyers are still interested and want to own a home, but record-high home prices are causing some to retreat.
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