08/05/2024
NATIONAL MARKET UPDATE
Pending Home Sales surprised to the upside in June, moving ahead nearly 5% over May. This measure of signed contracts on existing homes gained for the month in all four U.S. regions, thanks to the rise in housing inventory.
But inventories are still low, pushing up the Case-Shiller National Home Price Index for the 11th straight month. Still, the May annual home price gain was down from April, so prices are going up nationally at a slower pace.
Home builders spent at a slightly lower yearly rate in June than May. But we're still headed in the right direction, as spending on new home construction year-over-year is up more than 7% overall, and up almost 10% for single-families.
