Having ticked up 1.1 percent in May, the National Association of Realtors Pending Home Sales Index, for which 100 denotes “an average level” of activity, gained 2.8 percent in June and now measures 108.3, which is 1.6 percent higher on a year-over-year basis but still 3.6 percent below its cyclical high of 112.3 recorded in early 2017.

At the same time, the inventory of homes on the market at the end of June ticked up 1.0 percent to 1.93 million homes, which is even with the same time last year.

And out West, the regional Pending Home Sale Index jumped 5.4 percent in June to 96.8, which is 2.5 percent above its mark at the same time last year. But the pace of sales in San Francisco has dropped (and reductions are on the rise).

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