Riddle me this: How can home sales grow when we have no homes to buy?When a monthly home sales print fails to meet expectations the excuse often used is that inventory is too low to meet the demand.
Pending Home Sales Rise In June Helped By Western Gains
Pending home sales rose in June, with activity particularly brisk in the western part of the U.S., a trade group said Tuesday.
The National Association of Realtors® said pending home sales climbed 2.8%, with gains in each of the four major regions, including a 5.4% jump in the West.
Compared to 12 months ago, sales rose 1.6%, the first year-over-year gain in 17 months.
The NAR attributed the gain to strong job growth, a near-record stock market, rising home values and low mortgage rates.
The Case-Shiller home-price report also released Tuesday showed moderating gains in prices in key Western cities, and in Seattle’s case, an outright year-over-year decline.
A sale is listed as pending when the contract has been signed but the transaction has not closed. The pending-home-sales index typically represents about 20% of the transactions for existing home sales.
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....
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