Skip to Content

US pending home sales rose last month for the first time since February

<i>Jeff Chiu/AP</i><br/>A Sale Pending sign hangs in front of a property in San Francisco
Jeff Chiu/AP
A Sale Pending sign hangs in front of a property in San Francisco

By Anna Bahney, CNN

Washington, DC (CNN) — US pending home sales rose in June, up 0.3% from the previous month, marking the first increase since February.

The pending sales index, a forward-looking indicator based on signed contracts to buy a home, rather than the final sales that are accounted for in existing home sales, was at 76.8 in June. An index of 100 is equal to the level of contract activity in 2001.

Year over year, pending transactions fell by 15.6%.

“The recovery has not taken place, but the housing recession is over,” said NAR Chief economist Lawrence Yun on Thursday. “The presence of multiple offers implies that housing demand is not being satisfied due to lack of supply. Homebuilders are ramping up production and hiring workers.”

This story is developing and will be updated.

The-CNN-Wire
™ & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.

Article Topic Follows: Economy

Jump to comments ↓

Author Profile Photo

CNN Newsource

BE PART OF THE CONVERSATION

KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content