National Association of Realtors reported that the Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 1.5% in June to 110.2, up from the upwardly revised 108.6 in May. 
The PHSI in the Northeast inched forward 0.7% to 98.0 in June, and is now 2.9% above a year ago. In the Midwest the index decreased 0.5% to 104.0 in June, and is now 3.4% lower than June 2016.
Highlights from the Report
“Pending home sales in the South rose 2.1% to an index of 126.0 in June and are now 2.6% above last June. The index in the West grew 2.9% in June to 101.5, but is still 1.1% below a year ago.”
“Market conditions in many areas continue to be fast paced, with few properties to choose from, which is forcing buyers to act almost immediately on an available home that fits their criteria.”
“Low supply is an ongoing issue holding back activity. Housing inventory declined last month and is a staggering 7.1% lower than a year ago.”
“Sales to investors last month were the lowest of the year (13%), which helped push all cash transactions to 18% – the smallest share since June 2009 (13%).”