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Pending Home Sales Decline 1.9% in June 2021

Friday Jul 30th, 2021

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NAR released a summary of pending home sales data showing that June's pending home sales pace declined 1.9% last month and fell 1.9% from a year ago.

Bar chart: Pending Home Sales Index, June 2020 to June 2021

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

Three of the four regions showed declines from a year ago. The South had the largest dip of 4.7%, followed by the West with a drop in contract signings of 2.6%. The Midwest had a decrease of 2.4. Only the Northeast region had a gain of 8.7%.

Bar chart: June U.S. and Regional Pending Sales, 2021 and 2020

From last month, two of the four regions showed gains in contract signings. The Midwest had a modest incline of 0.6%, followed by the Northeast which had an increase of 0.5%. The West had the biggest decline of 3.8%, followed by the South's smallest decrease of 3.0%.   

The U.S. pending home sales index level for the month was 112.8.

June's contract signings bring the pending index above the 100-level mark for the 14th consecutive month.

Line graph: U.S. and Regional Pending Home Sales Index, February 2019 to June 2021

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

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