The National Association of Realtors’ (NAR) Pending Home Sale Index showed that pending home sales in July made a bounce back. Pending home sales, or contract signings, for July were 3.3% greater than the previous month although 2.1% below the same time last year. In the West, pending home sales were also up month-over-month with July contract signings rising 4.0% over June. However, contract signings were down in the West by 6.0% compared to July 2013.
NAR Chief Economist, Lawrence Yun, credited the bounce back in contract signings to lower interest rates, moderation of price growth, and the highest housing inventory since August 2012. Yun stated, “The increase in the number of new and existing homes for sale is creating less competition and is giving prospective buyers more time to review their options before submitting an offer. More importantly, steady job additions to the economy are helping finances and giving them added confidence to enter the market.” http://bit.ly/1pmLpYn