The number of pending home sales slowed slightly from May to June, but in a few regions of the country — the Midwest and West — pending sales inched up compared to last month, according to the latest Pending Home Sales Index released today by the National Association of REALTORS®.
The overall index declined 1.1 percent compared to May. In the Midwest, the pending sale index increased 1.1 percent and in the West, it was up 0.2 percent. All regions are lower when comparing year-over-year.
NAR Chief Economist Lawrence Yun said lower housing inventory, tight credit and employee wages that have remained flat continue to be factors impacting the housing market, but he is looking for sales to move upward through the rest of the year. Read more from Yun and NAR.