Tri-Cities buyers signed 815 home purchase contracts in June. That was even with May and up 14.6% from a year earlier. Pending sales measure contracts signed rather than deals closed, so they give the earliest read on where the market is moving.

The flat reading from May to June is not a warning sign. It shows demand holding at a strong level after a year of gains. A steady month at a high base is healthier for the market than a sharp swing in either direction.

The gain came almost entirely from the middle of the market. The affordable market – $160,000 to $299,999 – carried the most volume, with 336 contracts in June. That is a 19.1% increase. The $300,000 to $499,999 move-up bracket grew the fastest, rising 22.2% to 275 contracts. Together those two tiers added 104 contracts. That matched the market’s entire net gain over last June. Buyers are clustering in the mid-price tiers where most of the listings sit.

The entry-level bracket was the only one to lose ground. Contracts priced from $100,000 to $159,999 fell to 47 in June from 57 a year earlier, a 17.5% drop. The region stays short on affordable listings. Fewer low-priced homes come up for sale, so fewer go under contract.

The luxury market grew, but at a slower pace. Contracts above $500,000 rose 9.8%, reaching 123 in June from 112 a year ago. Luxury demand is still climbing. It is just moving slower than the middle of the market.

Pending sales are a forward-looking demand gauge. They count homes under contract that have not yet closed.

Pending contracts are good early indicators of upcoming sales closings. However, the amount of time between pending contracts and completed sales varies and is influenced by issues such as buyer difficulties with obtaining mortgage financing, home inspection problems, or appraisal issues.