The National Association of Realtors is reporting that pending home sales jumped 5.9% in July – marking three consecutive months of increases. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) rose to 122.1 with every major region experiencing an increase in month-over-month contract activity. In addition, they reported that year-over-year contract signings were up 15.5%. Indeed….
“We are witnessing a true V-shaped sales recovery as homebuyers continue their strong return to the housing market,” said Lawrence Yun, NAR’s chief economist. “Home sellers are seeing their homes go under contract in record time, with nine new contracts for every 10 new listings.”