Pending home sales in July increased 0.5 percent to a level of 110.9 from 110.4 in June, according to the National Association of Realtors Pending Home Sales Index.
The figure represents a 7.4 percent increase from July 2014, which had a level of 103.3. This is the 11th consecutive month to have year-over-year increases and it is the third highest reading of 2015, behind April and May, which reported a PHSI level of 111.6 and 112.3, respectively.
“Led by a solid gain in the Northeast, contract activity in most of the country held steady last month, which bodes well for existing-sales to maintain their recent elevated pace to close out the summer,” said Lawrence Yun, NAR chief economist, in a statement. “While demand and sales continue to be stronger than earlier this year, Realtors have reported since the spring that available listings in affordable price ranges remain elusive for some buyers trying to reach the market and are likely holding back sales from being more robust.”
Yun said he predicts total existing-home sales this year to increase 7.1 percent to around 5.29 million, about 25 percent below the prior peak in 2007.
