Pending Home Sales Rise In June Helped By Western Gains

Dated: 08/08/2019

Views: 130

Pending Home Sales Drop To Lowest Level In Three Years


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.


Source


Blog author image

Mark Ross

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....

Latest Blog Posts

Pending Home Sales At An All Time High

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.

Read More

US Home Price Growth Picks Up Pace Amid Pandemic Buying Rush

Home-price growth began accelerating in July, a sign that the slowdown in home prices caused by the coronavirus pandemic may be reversing.The S&P CoreLogic Case-Shiller National Home Price Index,

Read More

Housing Market Stays Hot Into Fall With Mortgage Applications Up Nearly 7 Percent

Despite mortgage ratesrising slightly from a previous all-time low, mortgage applications gained 6.8% last week, according to a report from the Mortgage Bankers Association.The refinance index

Read More

5 Rampant Mortgage Myths You Will Hear These Days

These days, things are changing so fast, it’s tough to keep up. That’s especially true in the mortgage industry, where interest rates and the overall home loan landscape are shifting with such

Read More