Pending home sales in July was at 111.3 on the Pending Home Sales Index, a 1.3 percent increase compared with June’s 109.9 and 1.4 percent higher than the 109.8 reported in July 2015, according to the National Association of Realtors.
Pending home sales in July was at 111.3 on the Pending Home Sales Index, a 1.3 percent increase compared with June’s 109.9 and 1.4 percent higher than the 109.8 reported in July 2015, according to the National Association of Realtors.
“Amidst tight inventory conditions that have lingered the entire summer, contract activity last month was able to pick up at least modestly in a majority of areas,” said Lawrence Yun, NAR chief economist, in a statement. “There’s little doubt there’d be more sales activity right now if there were more affordable listings on the market.”
July’s increase was due to a “sizable” PHSI jump in the western United States, Yun said. The Index in the West increased 7.3 percent to 108.7 in July—the highest PHSI reported in the West in more than three years.
The PHSI in the Northeast moved up 0.8 percent to 96.8. In the Midwest, the PHSI decreased 2.9 percent to 105.8. In the South, the PHSI increased 0.8 percent to 123.9.