Economist's Insights

Pending Home Sales Beat Expectations in June, Remain Choppy

Jul 31, 2017

June’s Pending Home Sales report beat expectations of a 1.0% gain, growing 1.5%.  Pending sales, measuring the number of homes which have gone under contract to sell during a given month, were notably strong in the West (+2.9% MoM) and the South (+2.1%).  However, on a year-over-year basis, pending sales in the Northeast and South have been the strongest rising 2.9% and 2.6% respectively.  Based on the pending sales report, it appears existing home sales are likely to be flat in July with strength in the South and West offset by weakness in the Midwest.