Pending Home Sales Grew 4.8% in June 2024

Washington, D.C., July 31, 2024--The Pending Home Sales Index (PHSI) ascended 4.8% to 74.3 in June, according to the National Association of Realtors (NAR). An index of 100 is equal to the level of contract activity in 2001.

All four U.S. regions posted monthly gains in transactions. 

Year over year, pending transactions in June were down 2.6%. The Northeast, Midwest and South registered YOY declines, while the West increased.

"The rise in housing inventory is beginning to lead to more contract signings," says NAR chief economist Lawrence Yun. "Multiple offers are less intense, and buyers are in a more favorable position."