On Wednesday morning, the National Association of Realtors announced that pending home sales across the country in July rose to their highest level in two years. The pending sales index measures homes that have gone under contract but not yet closed and so can’t be considered sold.
Month over month, the index rose 2.4 percent, but pending sales increased 12.4 percent between July 2011 and last month.
NAR Chief Economist Lawrence Yun on the news:
“While the month-to-month movement has been uneven, more importantly we now have 15 consecutive months of year-over-year gains in contract activity. All regions saw monthly increases in home-buying activity except for the West, which is now experiencing an acute inventory shortage.”
While positive news, today’s numbers can really be considered “good” if these pending contracts are converted to closed sales.
This article originally published at http://dc.urbanturf.com/articles/blog/pending_home_sales_reach_highest_level_since_april_2010/5961
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