Pending home sales increased in July for the second month in a row, a bright sign for a housing market that has been plagued by low inventory and high interest rates.
The National Association of Realtors announced Wednesday that home contract signings rose 0.9% last month, compared to June. Pending transactions were down 14% compared to last year.
“The small gain in contract signings shows the potential for further increases in light of the fact that many people have lost out on multiple home buying offers,” said NAR Chief Economist Lawrence Yun. “Jobs are being added and, thereby, enlarging the pool of prospective home buyers. However, rising mortgage rates and limited inventory have temporarily hindered the possibility of buying for many.”
This article originally published at https://dc.urbanturf.com/articles/blog/pending_home_sales_rise_for_second_month_in_a_row/21412.
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