Excerpt from the June pending home sales report from NAR:
Homes were 80% more expensive in June 2022 than in June 2019
- Homes were 80% more expensive in June 2022 than in June 2019
- Pending home sales declined 8.6% from May as escalating mortgage rates and housing prices impacted potential buyers.
- Pending sales retreated in all four major regions, with the West experiencing the largest monthly decline.
- Compared to the previous year, contract signings dropped by double digits in each region as pending sales in the West were down by nearly a third.
“The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, dipped 8.6% to 91.0 in June. Year-over-year, transactions shrank 20.0%. An index of 100 is equal to the level of contract activity in 2001.”
See full report here.