Pending Home Sales Rise 5%

The National Association of Realtors reports that pending home sales rose 1.5% in June.

After falling throughout the usually busy spring season, a monthly index of signed contracts to purchase existing homes increased 1.5 percent in June compared with May, and May’s figure was revised slightly higher, according to the National Association of Realtors.

The index was 0.5 percent higher compared with June 2016, the first annual increase since March. So-called pending home sales are a forward indicator of closed sales two to three months later.

“The first half of 2017 ended with a nearly identical number of contract signings as one year ago, even as the economy added 2.2 million net new jobs,” said Lawrence Yun, chief economist for the Realtors. “Market conditions in many areas continue to be fast paced, with few properties to choose from, which is forcing buyers to act almost immediately on an available home that fits their criteria.”

Here’s my preview from CNBC:

This one report out on Monday is a key indicator for the economy from CNBC.

Posted by on July 31st, 2017 at 11:14 am

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