Pending home sales
climbed thanks to first time home buyers
for the sixth consecutive month in July, according to the National Association of Realtors. The groups “Pending Home Sales Index” jumped 3.2 percent in July to 97.6. The index is 12 percent higher than in July of 2008.
“The recovery is broad-based across many parts of the country,” says Lawrence Yun, chief economist for the association. “Housing affordability has been at record highs this year with the added stimulus of a first-time-buyer tax credit
The index was up in the South and West but slightly declined in the Midwest and Northeast. The NAR’s Housing Affordability Index for July was 158.5, up 36 points year over year. Yun says home sales will likely drop in next year’s first quarter is the first time home buyers tax credit deadline is not extended.
“However, the fundamentals of the housing market and the economy are trending up, and we expect home sales
to generally pick up in the second quarter of 2010,” he says.
Existing home sales figures for August will be released September 24th and the Pending Home Sales Index for the month will be released October 1st the association says.
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