On a regional basis, the PHSI was up by 0.7 percent in the Northeast for a 98.0 reading, in the South by 2.1 percent for a 126.0 reading, and by 2.9 percent in the West for a 101.5 percent reading. But the Midwest PHSI fell by 0.5 percent to 104.0 in June.
“The first half of 2017 ended with a nearly identical number of contract signings as one year ago, even as the economy added 2.2 million net new jobs,” said NAR Chief Economist Lawrence Yun. “Market conditions in many areas continue to be fast paced, with few properties to choose from, which is forcing buyers to act almost immediately on an available home that fits their criteria. Low supply is an ongoing issue holding back activity. Housing inventory declined last month and is a staggering 7.1 percent lower than a year ago.”