The National Association of REALTORS® reported today that pending home sales have risen for six straight months, a pattern not seen since the index began in 2001. In NAR’s news release issued today Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better. “The recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit,” he says. The Pending Sales Index increased 3.2% in July to 97.6 from a reading of 94.6 in June and is 12.0% higher than July 2008 when it was 87.1. Although the Midwest index slipped 2.0% to 88.1 but is 8.1% higher than a year ago.
Watch this video of Lawence Yun, chief economist for the National Association of REALTORS®, discussing pending sales.