Experts were forecasting pending home sales to increase by 0.5% month over month but saw an even more solid beat, rising 2.8% month over month. Sales were 1.6% higher compared than last year, June 2018, and it also was the first annual gain in 17 months,
Existing home sales were expected to slow down in June, however, the drop was more than forecasted. Existing homes sales fell 1.7% month over month against expectations of a 0.6% decline to 5.27 million seasonally adjusted annual rate.
John H. Dolan has guest post where he describes a product that allows for more of a pure play on forward home prices -the Case Shiller home price index futures and options that can be traded on the Chicago Mercantile Exchange (CME).
Month over month, prices in the Denver Metro area decreased, falling 0.54% for median and 0.47% for average residential prices. Single-family homes sold prices dropped to $547,461. Year over year, the pace of the housing prices increase rose as well with the average residential prices rising 1.57% and the median residential prices up 1.9% from June 2018 to June 2019.
Existing home sales nationwide were up 0.9% year over year in the past month. Existing home sales year over year had been negative since the second half of last year and the start of 2019.