US June pending home sales +0.3% vs -0.5% expected

• Prior was -2.7%
• Index 76.8 vs 76.5 prior

This is a decent forward-looking indicator and a nice rebound after a poor number in May. I think it’s clear that there are people who want to buy homes, it’s just that inventories of homes for sale are very low and mortgage rates are high.

The pending home sales report measures to the number of homes that have
been sold but not yet closed. Essentially, a contract has been signed
but the transaction has not yet been completed. The National Association
of Realtors (NAR) releases a Pending Home Sales Index (PHSI) each month
that measures housing contract activity. The data is based on signed
real estate contracts for existing single-family homes, condos, and
co-ops. This is a forward-looking indicator as it represents
transactions that will be closed in the coming months