Parsons Realty

Full Service - Low Flat Fee

  • Home
  • Real Estate Search
  • Buyers
  • Blog
  • Contact Us
You are here: Home / Blog / Pending Home Sales Decline by 2.6% in June

Pending Home Sales Decline by 2.6% in June

August 3, 2010 By Chris Parsons Leave a Comment

Pending home sales edged down with near-term sales expected to be notably lower in contrast to the spring surge when buyers rushed to take advantage of the home buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator, declined 2.6 percent to 75.7 based on contracts signed in June from an upwardly revised level of 77.7 in May, and is 18.6 percent below June 2009 when it was 93.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said lower home sales are expected in the short term. “There could be a couple of additional months of slow home-sales activity before picking up later in the year, provided the job market continues to improve,” he said. “Over the short term, inventory will look high relative to home sales. However, since home prices have come down to fundamentally justifiable levels, there isn’t likely to be any meaningful change to national home values. Some local markets continue to show strengthening prices.”

Yun expects mortgage interest rates to remain historically low for the balance of the year, with very modest growth in employment. “We really need to see stronger job creation to have a meaningful recovery in the housing markets,” he added.

The PHSI in the Northeast dropped 12.2 percent to 58.8 in June and is 25.4 percent lower than June 2009. In the Midwest the index fell 9.5 percent to 64.1 and is 27.8 percent lower than a year ago. Pending home sales in the South rose 3.7 percent to an index of 85.8, but are 13.3 percent below June 2009. In the West the index slipped 0.2 percent to 85.1 but is 14.2 percent below a year ago.

Read more at N.A.R.’s website

Filed Under: Blog Tagged With: homes, real estate

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

530-222-1818
1171 Hilltop Dr
Redding CA 96003

Latest News

  • The Five Most Expensive Homes For Sale In Redding, CA
  • Homes For Sale In Redding, CA Under $300,000
  • Redding Homes For Sale – Inventory Starting to Climb
  • Redding Weekly Real Estate Report: April 8 2013
  • Palo Cedro Home Sales – February 2013

Subscribe

We have new properties coming. Get the latest updates delivered to your inbox in an easy to read email presentation. Imagine finding your next home tomorrow. It happens. Please subscribe below.

We respect and value your privacy. We will only deliver property updates to your email address.

Redding Properties

27,102 Listings
3733 Capricorn Way, Redding, CA 96002

$339,000 3 beds  2 baths  1,294 sqft 3733 Capricorn Way
Redding, CA 96002

IDX
3680 Wasatch Drive, Redding, CA 96001

$439,900 3 beds  2 baths  1,792 sqft 3680 Wasatch Drive
Redding, CA 96001

IDX
previous next

IDX MLS IDX Listing Disclosure © 2025

Information deemed reliable but not guaranteed.

Social Media

  • Facebook
  • Instagram

© Copyright 2025 Parsons Realty · Lic# 01312921 · All Rights Reserved · Powered by steelbridge.io