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

Have something to say? Share your thoughts with us in the comments below.

Profile picture for user larryadams
About the author
Larry Adams | Editor

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).