Morning Minute: U.S. pending home sales pick up in July, NAR reports

Image: Bigstock

Image: Bigstock

U.S. pending home sales picked up in July, led by strong gains in the West, the National Association of Realtors® (NAR) reported this week. NAR’s Pending Home Sales Index was 1.3 percent higher than last month and 1.4 percent higher than the same time last year. The Midwest region of the country saw a decline. Read the NAR’s release and watch a new video on pending home sales trends.

“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. More home shoppers having success is good news for the housing market heading into the fall, but buyers still have few choices and little time before deciding to make an offer on a home available for sale. There’s little doubt there’d be more sales activity right now if there were more affordable listings on the market,” said NAR Chief Economist Lawrence Yun in the release.

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