U.S. Home Sales Slip In June;   Midwest outperforms the rest of the country

dennis-norman-st-louis-realtor-pending-home-salesThe National Association of REALTORS released its Pending Home Sales Index for June today showing a decrease of 1.4 percent in the index from the month before (seasonally adjusted) and a 9.5 percent increase from a year ago. However, here in the Midwest, the numbers are better with pending home sales decreasing just 0.4 percent from May, the smallest decrease for the month of all the regions, and Midwest pending home sales in June increased 17.3 percent from a year ago, which is the highest year-over-year increase of all regions in the U.S.

National Highlights from the report for June, 2012:

  • The pending home sales index (seasonally adjusted) was 99.3 (the index is based upon 100.0 being equal to the average level of sales activity in 2001 which we could call the last “normal” year) which is a 1.4percent decrease from the month before and a 9.5 percent increase from a year ago.
  • The “not-seasonally adjusted” index index was 117.8, a 0.1 percent decrease from the month before and an 8.4 percent increase from a year ago.
  • All regions had month-over-month decreases, the Northeast region saw the largest decline with a 7.6 percent decline, and all regions saw year-over-year increases with the Midwest region out front for the second consecutive month with a 17.3 percent gain.

Lawrence Yun, NAR chief economist, said inventory shortages are a factor. “Buyer interest remains strong but fewer home listings mean fewer contract signing opportunities,” Yun said. “We’ve been seeing a steady decline in the level of housing inventory, which is most pronounced in the lower price ranges popular with first-time buyers and investors.”

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