The pending residence gross sales tempo declined 1.8% in July 2021 from the prior month and fell 8.5% from a 12 months in the past.
From final month, three of the 4 areas confirmed positive factors in contract signings. The West area had the one acquire of 1.9%. The Northeast had the biggest decline of 6.6% adopted by the Midwest which fell 3.3%. The South area had the smallest lower of 0.9%.
All 4 areas confirmed declines from a 12 months in the past. The Northeast had the biggest dip of 16.9% adopted by Midwest with a drop in contract signings of 8.5%. The South had a lower of 6.7% adopted by the West area, which fell by of 5.7%.
The U.S. pending residence gross sales index stage for the month was 110.7. July’s contract signings carry the pending index above the 100-level mark for the fifteenth consecutive month. The 100 stage relies on a 2001 benchmark and is in line with a wholesome market and existing-home gross sales above the 5 million mark. Pending gross sales symbolize properties which have a signed contract to buy on them however have but to shut. They have a tendency to steer existing-home gross sales knowledge by 1 to 2 months.
