Pending Sales Up, Active and Sold Listings Dip

Nationally, pending home sales in June decreased by 5.4 percent month-over-month, declining in all four major U.S. regions. Year-over-year pending home sales increased in the Northeast and Midwest but declined in the South and West, according to a National Association of Realtors^® report. 

“The highest mortgage rates in nearly a year and the record-high national median home price together are contributing to a tepid housing market that is especially difficult for first-time homebuyers,” said NAR Chief Economist Dr. Lawrence Yun.

Locally, pending sales were up 7.8 percent over last month, but the number of homes sold in our local tracking zones declined, as did active listings in those same zones. The average number of days a listing spent on the market lengthened from 72.3 to 80 days.

Less condos and townhomes sold in the last month in our local zones, contributed to the rise in the combined average sold price, which was up near 8 percent over the same period during the month prior. 

Sam Khater, Freddie Mac’s Chief Economist reminded potential buyers the importance of shopping mortgage rates. “As market conditions continue to evolve, borrowers should remember that shopping around for a mortgage rate can make a meaningful difference, potentially saving them thousands over the loan’s lifetime,” he said in a news release.