Homes under contract down from May, up from last year

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  • The National Association of Realtors reports that its June pending home sales index was at 99.3, down 1.4% from a revised May index but 9.5% over where it was in 2011. The index uses the number of signed contracts in 2001 as its 100 mark.
  • The organization's chief economist, Lawrence Yun, says the overall market numbers indicate that there are many more buyers than sellers, with NAR's buyer index at 60 and its seller index at 41.
  • Yun says it's time for banks holding foreclosed homes to start selling, and he says home starts will need to rise in the next two years.

From the release:

Pending home sales declined in June but marked 14 consecutive months of year-over-year gains, according to the National Association of Realtors. ...

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