The real estate market has seen steady and consecutive growth for the past five months. Though instead of growing the streak to six, June saw a lapse in the number of signed contracts for home buyers. The drop in June, 1.8 percent on the pending home sales index, brings it to 110.3 overall. Still, an improvement over the last 12 months where we saw a jump of 8.2 percent overall.
Pending sales act as a barometer for future purchases because of the lag, generally a month or two, which exists between contract and a completed sale. Does this decline indicate a peak in the steady growth we have over the last year or is this just a small hiccup in even bigger growth to come?