Pending home sales rose in July to the highest level in over two years and remain well above year-ago levels, according to the National Association of Realtors® (NAR).
The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, rose 2.4 percent to 101.7 in July from 99.3 in June – and it’s 12.4 percent above July 2011’s 90.5. The data reflect contracts but not closings.
The last time pending home sales were this high, a homebuyer tax credit was about to expire.
“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,” says Lawrence Yun, NAR chief economist. “All regions saw monthly increases in homebuying activity except for the West, which is now experiencing an acute inventory shortage.”
Read full article [Source: Florida Realtors]