Pending home sales declined in June, according to new data from the National Association of Realtors (NAR).
NAR's Pending Home Sales Index (PHSI) slipped 1.4% to 99.3 in June from a downwardly revised 100.7 in May, but remains 9.5% higher than June in 2011, when it was 90.7.Â
Regionally, the PHSI in the Northeast fell 7.6% to 76.6 in June, but was 12.2% higher than a year ago. In the Midwest, the index slipped 0.4% to 94.4 in June, but was 17.3% above June 2011. Pending home sales in the South declined 2% to an index of 106.2 in June, but was 8.8% above a year earlier. In the West, the index rose 2.6% in June to 111.5, and was 3% higher than June 2011.
‘Buyer interest remains strong, but fewer home listings mean fewer contract signing opportunities,’ says NAR Chief Economist Lawrence Yun. ‘We've been seeing a steady decline in the level of housing inventory, which is most pronounced in the lower price ranges popular with first-time buyers and investors.’