Pending Homes Sales Touch Two Year High

Dated: August 29 2012

Views: 3148

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.

Economists polled by Reuters had expected signed contracts, which become sales after a month or two, to rise 1.0 percent after declining 1.4 percent in June. 

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.

Blog author image

Humberto Alcazar

I am lifelong El Pasoan who has seen El Paso grow from a small town in 1965 to the large city it is today. Attended Cathedral High School, graduated from University of Texas El Paso with an Industrial....

Latest Blog Posts

Tax Season Is Right Around The Corner Did You Sell A Home This Last Year

5 Sweet Tax Deductions When Selling a Home: Did You Take Them All?By Margaret Heidenry | Feb 19, 2021 Feverpitched / Getty ImagesYou may be wondering if there are tax deductions when

Read More

Can I Buy Or Sell A Home Without A Real Estate Agent

Today’s real estate market is one of the fastest-moving in recent memory. With record-low inventory in many market segments, we’re seeing multiple offers—and sometimes even bidding wars

Read More

Will The Housing Market Bloom This Spring

Will the Housing Market Bloom This Spring?Spring is almost here, and many are wondering what it will bring for the housing market. Even though the pandemic continues on, it’s certain to be very

Read More