The Pending Home Sales Index showed home sales in July rose 3.3 percent to 105.9 from 102.5 in June, the third consecutive month with an above-average score, according to the National Association of Realtors.
The index is at its highest since August 2013 (107.1), but is still 2.1 percent below where it was in July 2013 (108.2). Anything above 100 is considered above average.
“Interest rates are lower than they were a year ago, price growth continues to moderate and total housing inventory is at its highest level since August 2012,” Lawrence Yun, NAR chief economist, said in a statement. “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.”
Regionally, the index jumped 6.2 percent to 89.2 in the Northeast, fell 0.4 percent to 104.6 in the Midwest, increased 4.2 percent to 119.0 in the South and rose 4.0 percent to 99.5 in the West.
