Even though there were a record number of cancellation in June pending home sales have increased from May.
Pending home sales remain volatile, rising again in June after an 8.2% increase the prior month and a substantial decline in April, according to the National Association of Realtors.
The large trade association, which has more than 1.2 million members, said its pending home sales index, which is based on contracts signed, increased 2.4% to 90.9 for June from 88.8 for May. NAR said the index is 19.8% higher than 75.9 for the year-ago period.
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