Thursday, August 23, 2007

Pending Sales Index Shows Market Improvement

The 5 percent gain in NAR's Pending Home Sales Index in June is the largest monthly increase in three years. This forward-looking indicator suggests that the market will stabilize in the months ahead. The June reading of 102.4 was 8.4 percent lower than a year ago. “It is too early to say if home sales have already passed bottom,” Lawrence Yun, NAR’s senior economist, said. “Still, major declines in home sales are likely to have occurred already and further declines, if any, are likely to be modest given the accumulating pent-up demand.

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