Pending home sales increased 5.9% in July, the third consecutive month of pending home sales growth, the National Association of Realtors reports. Year-over-year, pending home sales increased 15.5%.
“We are witnessing a true V-shaped sales recovery as home buyers continue their strong return to the housing market,” NAR Chief Economist Lawrence Yun said in a statement. “Home sellers are seeing their homes go under contract in record time, with nine new contracts for every 10 new listings.”
Each region reported year-over-year increases in contract signings, increasing 20.6% in the Northeast; 15.4% in the Midwest; 14.9% in the South; and 13.2% in the West.
The full NAR report can be viewed here.
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