The National Association of REALTORS (NAR) reported that it’s pending home sales index for June slipped to 110.9 from the six-year high it hit in May at 111.3 as home sales slowed as a result of increasing home prices and interest rates. Even though home sales declined in June, the index was still 10.9 percent higher than it was a year ago when it was at 100. It just so happens, “100” in the index equals sales activity during the year 2001, which was the first year for NAR’s pending home sales index. NAR’s forecast calls for existing home sales to take a slight dip the 4th quarter of this year but continue to rise through the end of 2014.
St Louis’ actual home sales declined 4.7 percent in June (for the 5-county “core” area, the city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin) to 3,300 sales from 3,464 the month before but was up 5.7 percent from June 2012 when there were 3,120 St Louis home sales. (see chart below)
Source: MORE, REALTORS
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