The National Association of Realtors (NAR) announced on Tuesday its seasonally adjusted pending home sales index (PHSI) surged 2.8 percent m-o-m to 108.3 in June, up from 105.4 in May..

Economists had expected pending home sales to rise 0.5 percent m-o-m in June.

On y-o-y basis, the index increased 1.6 percent, snapping a 17-month streak of annual declines.

According to the report, the pending home sales rose all four regions in m-o-m terms and compared to June 2018. Pending home sales in the South increased 1.3 percent m-o-m to an index of 125.7 in June, which was 1.4 percent higher than last June. The PHSI in the Northeast climbed 2.7 percent m-o-m to 94.5 and was now 0.9 percent higher than a year ago. The index in the West surged 5.4 percent m-o-m to 96.8 and increased 2.5 percent above a year ago. The indicator in the Midwest grew 3.3 percent m-o-m to 103.6 and rose 1.7 percent y-o-y.