June pending home sales flat

June’s pending sales were flat on the heels of a 20% decline in home sales.

Sellers accepted 796 new contracts, one fewer than the previous month, and 42 more than June last year, according to the Northeast Tennessee Association of Realtors (NETAR).

Pending sales are a leading indicator of housing activity based on signed contracts for existing single-family home and condominium sales in the region monitored by NETAR. Since resales go under contract 30 to 60 days before they close, pending sales offer insight into the market’s direction.

Activity was up in all three of the regional submarkets.

There were 291 pending sales in the affordable market, up 20 from last year.

The move-up market had 358 pending sales, up 28 from last year.

The luxury market had 104 pending sales, up 16 from last year.

June’s sales slump helped boost the region’s inventory, which is giving late season buyers more choices.

Realtors are reporting fewer multiple offers and more concessions for deals in the move-up and luxury market, but competition continues to be high in the affordable priced homes market.

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