Pending Home Sales Touch Two Year High:
Contracts to buy previously
owned homes rose to their highest level in more than two years in July, an
industry group said on Wednesday, suggesting the housing market recovery was
gaining traction.
The National Association of Realtors said its Pending Home Sales Index, based
on contracts signed in July, increased 2.4 percent to 101.7 - the highest level
since April 2010 and shortly before the deadline for the home buyer tax credit.
The report was the latest to
show momentum in housing market recovery, with gains in home construction and
sales and prices.Pending home sales were up 12.4 percent in the 12 months to July.
"All regions saw monthly
increases in home-buying activity except for the West, which is now
experiencing an acute inventory shortage," said NAR chief economist
Lawrence Yun.
Contracts in the
Northeast gained 0.5 percent last month and increased 3.4 percent in the
Midwest. In the South, contracts rose 5.2 percent. The West saw a 1.7 percent
drop in contracts last month.
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