facebook
twitter
rss
account
search
search
 

Pending home sales fell in July

Aug. 29, 2011 at 12:10 PM   |   Comments

WASHINGTON, Aug. 29 (UPI) -- Pending U.S. home sales fell in July after a two-month upswing, the National Association of Realtors said Monday.

The Pending Home Sales Index, measuring contracts that will likely close in September, fell 1.3 percent to 89.7, the trade group said.

Across the country, the index dropped 2 percent in the Northeast and 0.8 percent in the Midwest. In the South, the index declined 4.8 percent. In the West, the index rose 3.6 percent.

Each regional index, however, is substantially higher than a year earlier. From July 2010, the index has risen 9.7 percent. In the Midwest, from 12 months earlier, the index is up 18.8 percent.

In the South, the index is up 9.5 percent higher than July 2010. In the West, the index is 20.6 percent higher than a year earlier.

"Looking at pending home sales over a longer span, contract activity over the past three months is fairly comparable to the first three months of the year, and well above the low seen in April," said NAR chief economist Lawrence Yun.

"The underlying factors for improving sales are developing, such as rising rents, record high affordability conditions and investors buying real estate as a future inflation hedge. It is now a question of lending standards and consumers having the necessary confidence to enter the market," he said.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Russian currency crashes Russian currency crashes
2
Navy tests MQ-8C unmanned helos Navy tests MQ-8C unmanned helos
3
New submarine set for commissioning New submarine set for commissioning
4
SM-6 long-range interceptors on target in U.S. Navy test SM-6 long-range interceptors on target in U.S. Navy test
5
Sweden plans to replace its Defense and Security Export Agency Sweden plans to replace its Defense and Security Export Agency
Trending News
Around the Web
x
Feedback