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Pending homes sales hit 10-month high in July

Low interest rates, modest home price growth, and increasing inventory caused a rise in pending home sales in July, according to the National Association of Realtors (NAR) pending home sales index.

The index reached 105.9 in July, up 3.3 percent from the June index reading of 102.5, and was at the highest level since August 2013.

Regional pending sales indices rose everywhere except for the Midwest. July’s index was below the July 2013 index of 108.

NAR considers an index reading of 100 to be “average.”

“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,” NAR Chief Economist Lawrence Yun said in a press release. “More importantly, steady job additions to the economy are helping family finances and giving them added confidence to enter the market.”

The pending sales index increased 6.2 percent in the Northeast to 89.2, 4.2 percent in the South to 119, and 4 percent in the West to 99.5. The Midwest index shrunk 0.4 percent to 104.6.

Separately, an NAR housing market forecast predicted that existing home sales would end 2014 at 4.9 million, down from 5 million in 2013. A forecast of housing starts predicts 1 million by the end of 2014, up from 925,000 in 2013.  

NAR is forecasting a relatively good year in 2015, with new single-family sales, existing home sales, housing starts, and multifamily units all expected to increase above 2014 levels


Questions? Contact Neal McNamara at (425) 984-6017 or

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