- Dennis Norman
After hitting all-time low in June,pending home sales increase 5.2 percent in July
The National Association of REALTORS Pending Home Sales Index for July shows an increase of 5.2 percent in the index in July (seasonally adjusted) which is 19.1 percent below July 2009.
Here are highlights from the report:
- July’s pending home sales index (seasonally adjusted) was 79.4 (the index is based upon 100.0 being equal to the average level of sales activity in 2001 which we could call the last “normal”year) which is the third lowest level the index has hit since NAR began the index in 2001.
- July’s not-seasonally adjusted index index was 86.0,a 7.2 percent decrease from June and a 20.1 percent decrease from a year ago.
- All regions in the U.S. saw month-over-month gains and year-over-year declines in pending home sales.
Lawrence Yun, NAR chief economist,cautioned that there would be a long recovery process. “Home sales will remain soft in the months ahead,but improved affordability conditions should help with a recovery,” he said. “But the recovery looks to be a long process. Home buyers over the past year got a great deal,and buyers for the balance of this year have an edge over sellers. For those who bought at or near the peak several years ago,particularly in markets experiencing big bubbles,it may take over a decade to fully recover lost equity.”
Related posts:
- Pending Home Sales Increase in August;Still down 20 percent from year ago
- Home sales activity in July down from month before;still better than last year
- Pending home sales rise in November
- Pending home sales increase in June;2nd consecutive month pending home sales on the rise
- Pending home sales increase in March;prediction is for an increase in existing home sales this year
I apologize I can’t add to it as I’ve got no experience with real estate,but can you assist me as you appear like a wealth of knowledge. The room mates and I are seeking for a house to rent. We have lived collectively for two years but want to move immediately. We viewed at a really nice place the other day but we were told that our credit ratings are not great enough to rent it out. The realtor offered to manually modify out credit scores to be able to rent the property . I really feel like this is going to get us into trouble in the long haul. return to bite me?