Good news? Pending home sales rise in July

Sorry, no time for snarky comments or insightful dialog. Just a quote from the AP:

The number of buyers who signed contracts to purchase previously occupied U.S. homes increased in July but remained well below last year’s levels, a sign that demand for housing remains weak.

The National Association of Realtors said Thursday its seasonally adjusted index rose 5.2 percent from a month earlier to a reading of 79.4. Economists surveyed by Thomson Reuters had expected the index would fall to 74.9.

The index was still down 19 percent from the same month last year. June’s reading was the lowest on records dating to 2001. It was revised slightly downward to 75.5.

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About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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4 Responses to Good news? Pending home sales rise in July

  1. Eileen Knode says:

    2001 was a good year in real estate sales for me! 2010 is not that bad either, scarier-due to lending, but still closing transactions at my normal pace.

  2. The buyers are out there, but they’re also very wary of not getting exactly what they want, I’ve found. It’s a buyer’s market, and no one wants to make a mistake. People seem to feel they can wait it out. We’re still riding the wake of the tax credit buying surge and subsequent dropoff as well, so these stats seem in line with what we should expect.

  3. Lenn Harley says:

    HA! One of the biggest problems with the real estate “market” is that industry writers continue to get their “news” from economists and not practicing real estate agents dealing with the real world.

    Just what the consumer needs, an index.

    The problem is then compounded by getting information from economists who use obscure indices to justify their public relations prognostications.

    Lenn Harley
    Broker
    Homefinders.com
    800-711-7988

  4. The Tax Credit who ending in May did nothing more than expedite sales under April and May that would have most likely occurred anyhow sometime later in the autumn 2010 or early spring 2011. If we already see some good sell signals so is that only good news.

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