Industry News

Pending real estate sales fall from a year ago

Index reflects 'market in transition,' says NAR economist

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

A National Association of Realtors index that gauges pending home sales increased in June for the second straight month but is down 9.6 percent compared to June 2005. The Pending Home Sales Index, based on contracts signed in June, increased 0.4 percent since May to 113.9 from an upwardly revised level of 113.5 in May, but is 9.6 percent below June 2005, the trade group reported. The index is based on pending sales of existing homes. A sale is listed as pending when the contract has been signed and the transaction has not closed, but the sale usually is finalized within one or two months of signing. An index of 100 is equal to the average level of contract activity during 2001, the first year to be examined, and was the first of five consecutive record years for existing-home sales. Regionally, the index in the South rose 2.5 percent in June to 130.7 but was 4.8 percent below June 2005. The index in the Midwest increased 1.9 percent to 103.3 in June but was 11.9 percent below a year ...