Pending home sales declined 8.6% in June
July 28, 2022 | 10:59 am CDT

Photo By National Association of Realtors

The National Association of Realtors released a summary of pending home sales data showing that June's pending home sales pace weakened 8.6% last month and fell 20% from a year ago.

Pending sales represent homes that have a signed contract to purchase them but have yet to close. They tend to lead existing-home sales data by 1 to 2 months.

All four regions showed double-digit declines from a year ago. The West had the most significant dip of 30.9%, followed by the South with a drop in contract signings of 19.2%. The Northeast fell 17.6%, followed by the Midwest with the smallest decline of 13.4%.

Bar graph: June U.S. and Regional Pending Sales, 2022 and 2021

From last month, all four regions showed reductions in contract signings. The West region had the most significant dip of 15.9%, followed by the South with a decrease of 8.9%. The Northeast fell 6.7%, and the Midwest had the smallest decline of 3.8%.

The U.S. pending home sales index level for June was 91.

June's contract signings bring the pending index below the 100-level mark for the third consecutive month.

The 100 level is based on a 2001 benchmark and is consistent with existing-home sales above the 5 million mark.


Line graph: U.S. and Regional Pending Home Sales Index, January 2019 to May 2022

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Larry Adams is a Chicago-based writer and editor who writes about how things get done. A former wire service and community newspaper reporter, Larry is an award-winning writer with more than three decades of experience. In addition to writing about woodworking, he has covered science, metrology, metalworking, industrial design, quality control, imaging, Swiss and micromanufacturing . He was previously a Tabbie Award winner for his coverage of nano-based coatings technology for the automotive industry. Larry volunteers for the historic preservation group, the Kalo Foundation/Ianelli Studios, and the science-based group, Chicago Council on Science and Technology (C2ST).