-2.1%
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Pending home sales in May slipped 2.1%, with the Midwest and South posting monthly losses in transactions while the Northeast and West recorded gains. Year-over-year, all U.S. regions registered reductions.
"The market is at an interesting point with rising inventory and lower demand," said NAR Chief Economist Lawrence Yun. "Supply and demand movements suggest easing home price appreciation in upcoming months. Inevitably, more inventory in a job-creating economy will lead to greater home buying, especially when mortgage rates descend."
Next release: Pending Home Sales for June 2024 will be released on Wednesday, July 31, 2024 at 10 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.