Existing-home Sales: 4.99 million
Seasonally adjusted annual rate, which is the actual rate of sales for the month, multiplied by 12 and adjusted for seasonal sales differences. Source: NAR Research
Pending Home Sales Index: 84.7
The Pending Home Sales Index measures housing contract activity. An index of 100 is equal to the level of activity during 2001, the benchmark year. Source: NAR Research
Mixed Sales Signals
Existing single-family home sales were up 2 percent in May, but NAR’s forward-looking indicator suggests sales growth will remain mixed in the months ahead. The sales pace was 4.99 million units, up from 4.89 million in April. The pending home sales index, though, dropped to 84.7 from an upwardly revised 88.9 in April.
More Sellers Expected
Practitioners’ outlook is mixed after a bump up in optimism last month. Confidence in seller traffic is up, but practitioners aren’t showing the same level of confidence in business over the next six months.
Practitioners’ views were surveyed in June. Results are based on 519 responses to 3,000 surveys sent to large and small real estate offices. The survey asks practitioners to indicate whether conditions are strong (100 points), moderate (50), or weak (0). Responses are averaged to derive results.