The National Association of Realtors’ (NAR) Pending Home Sales Index (PHSI) dropped by 0.8 percent to 109.1 in July from a downwardly revised 110.0 in June. On a year-over-year basis, the index fell by 1.3 percent.
On a regional basis, the PHSI fell in three of the four geographic regions. The Northeast index dipped by 0.3 percent to 97.7, the Midwest index tumbled by 0.7 percent to 103.3 in July, and the index for the South went south by 1.7 percent 123.1. The index in the West saw limited upward mobility with a 0.6 percent uptick to 102.3.
“With the exception of a minimal gain in the West, pending sales were weaker in most areas in July as house hunters saw limited options for sale and highly competitive market conditions,” said NAR Chief Economist Lawrence Yun. “The housing market remains stuck in a holding pattern with little signs of breaking through. The pace of new listings is not catching up with what’s being sold at an astonishingly fast pace.”