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The National Association of Realtors reported that the number of pending home sales increased slightly in the past month as the ongoing job growth and low interest rates continued to support the US housing market.
According to the seasonally adjusted data, the index of pending sales in June rose by 0.2% to 111.0 points. The latter value was the second highest in the last 12 months and well above the average reading for 2015 (108.9 points). Analysts had expected the index to increase by 1.4% after falling 3.7% in May. Compared with June 2015 the index increased by 1.0%. It is worth emphasizing, after reaching a maximum in April 2016 (then the figure was 115.0 points), in May, the index recorded its first annual decline since August 2014.
Commenting on the data, Lawrence Yun, the NAR chief economist, said the weak growth in June reflects a slight decrease in activity in the market after a significant increase in the spring.
The data also showed that the biggest number of pending home sales rose in the northeast (3.2%). Slightly smaller increase was noted in the Midwest. Meanwhile, in comparison with May index fell to the west and south. On an annual basis, pending sales were 1.6% -1.8% higher in all regions except the West, where they fell by the same amount.
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