The National Association of Realtors is reporting that pending home sales increased 2.8% in June, which the attribute to favorable market conditions and predicted this is likely the start of a positive trend for home sales. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) increased to 108.3 in June, up 2.8% from May. In addition, they reported that year-over-year contract signings were up 1.6%, breaking a 17th straight month of annual decreases.
“Job growth is doing well, the stock market is near an all-time high and home values are consistently increasing. When you combine that with the incredibly low mortgage rates, it is not surprising to now see two straight months of increases.” Said Lawrence Yun, the NAR’s chief economist.