More home buyers entered into contracts in June, according to new data from the National Association of Realtors released Wednesday.

Pending home sales increased 4.8% compared with May, with all four regions of the country posting monthly gains.

What You Need To Know

  • Pending home sales increased 4.8% in June compared with May

  • All four regions of the country posted monthly gains

  • Pending home sales in the South increased the most in June (+6.3%), followed by the Midwest (+4.7%), West (+3.4%) and Northeast (+3.0%)

  • In june there were almost 23% more home listings compared with a year earlier, according to Zillow

“The rise in housing inventory is beginning to lead to more contract signings,” NAR Chief Economist Lawrence Yun said in a statement. “Multiple offers are less intense, and buyers are in a more favorable position.”

A home sale is pending when a contract has been signed but the transaction has yet to close.

Pending home sales in the South increased the most in June (+6.3%), followed by the Midwest (+4.7%), West (+3.4%) and Northeast (+3.0%). While all four regions saw an uptick in home-buying contracts last month, the pace was slower compared with a year earlier for all regions, except for the West, where home-buying contracts have increased since June 2023.

“Even more inventory is expected to come onto the housing market in the upcoming months ahead of the normal, seasonal declines in the winter,” Yun said.

According to Zillow, the number of homes for sale has risen throughout 2024. In June there were almost 23% more home listings compared with a year earlier. Inventory levels are still 33% lower than pre-pandemic levels but are higher than they’ve been since the fall of 2020, when COVID-19 and ultra-low mortgage rates set off a real estate buying frenzy.