Having rebounded 44 percent in May following two months of twenty-plus percent declines, the National Association of Realtors Pending Home Sales Index, a seasonally adjusted index for which 100 denotes “an average level” of activity, jumped another 16.6 percent in June to an above-average 116.1, which is 6.3 percent above its mark at the same time last year.
Out West, the index jumped 11.7 percent in June to 99.6, which is 4.7 percent above its mark at the same time last year.
And with the June jump, the National Association of Realtors is now projecting that total home sales in the U.S. will end the year down “by only 3 percent.”
At the same time, pending home sales activity, which was down around 10 percent on a year-to-date basis, appears to have already plateaued in San Francisco, driving listed inventory up to nearing recession era level.
We’ll keep you posted and plugged-in.