NAR Calls Home Sales Pace “Breakneck”

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Posted To: MND NewsWire

Pending home sales put in an especially strong performance in June , the second consecutive positive report as well as the fourth in five months. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts that are signed to purchase existing homes rose 2.8 percent to 108.3 compared to 105.4 in May. The month-over-month gain that month was 1.1 percent. In addition, the contract signing performance in June snapped the PHSI’s 17-month streak of year-over-year losses. The June reading was up 1.6 percent compared to one year earlier. The results were significantly higher than expected . Analysts polled by Econoday had a consensus forecast of a 1.1 percent increase with the highest estimate at 1.5 percent. Lawrence Yun…(read more)

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