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Real Estate Pending Sales Rise in July

Real Estate Pending Sales Rise in July

Pending real estate housing sales in July fall month-to-month for the initially since April, but rise substantially compare to that month a year before, based on a report by the National Association of Realtors. The business group's Pending Home Sales Index rises 14.4 % year-by-year in July, to 89.7. That's a 1.3 % dip in contrast to June's index. This index trails signed, but not locked, purchase agreements for resale house. An index of 100 shows the average contract movement in the index's 2001 stand year, which was a witness year for current-home sales.

Lawrence Yun, NAR's chief economist, stated in a statement.Looking at pending home sales over a longer span, contract activity over the past three months is fairly comparable to the first three months of the year, and well above the low seen in April"

Yun moreover asserts that "rising rents, record high affordability conditions and investors buying real estate as a future inflation hedge" promise well for real estate, even if "It is now a question of lending standards and consumers having the necessary confidence to enter the market.

Existing-housing sales in July furthermore dropped on a monthly basis (3.5 %), but rises on an yearly basis by 21 %, to a seasonally accustomed annual charge of 4.67 million, as per to a different report from NAR.