After two months of weakening activity, more single-family properties went under contract than a month earlier — though supply continues to be an albatross for the market. Out front of the improvement was the Northeast.
An indication up upcoming existing home sales based on contract signings, the Pending Home Sales Index, came to 106.9 for the month of June. An index of 100 is equal to the average level of contract activity during 2001.
Compared to the level for the preceding month’s index, pending home sales were elevated — gaining altitude by 0.9 percent. The improvement followed declines in April and May.
Source: Mortgage Daily