US Pending Home Sales Rebound (Modestly) From Record Lows In June

After two months of ugly declines, US pending home sales bounced in June (up 4.8% MoM). However, that jump was not enough to juice YoY changes which saw sales decline 7.8% YoY…

Source: Bloomberg

June’s rebound pulls sales off record low levels going back to 2001…

Source: Bloomberg

“The rise in housing inventory is beginning to lead to more contract signings,” and more supply should hit the market in the coming months, NAR Chief Economist Lawrence Yun said in a statement.

“Multiple offers are less intense, and buyers are in a more favorable position.”

The pending-sales figures tend to be a leading indicator of sales of previously owned homes, because houses typically go under contract a month or two before they’re sold.