According to the National Association of Realtors (NAR), Pending Home Sales is up for the fifth month in a row. Pending home sales in June rose in all regions: up 7.1 percent in the South, 2.9 percent in the West, 0.8 percent in the Midwest and 0.4 percent in the Northeast. NAR's Pending Home Sales Index (PHSI) is released during the first week of each month. It is based on signed real estate contracts for existing single-family homes, condos and co-ops , and is a leading indicator of housing activity.