Pending home sales rise in June, helped by Western gains – Wire Real Estate

Pending home sales rise in June, helped by Western gains




Aug 3, 2019

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Pending home sales rose in June, with activity particularly brisk in the western part of the U.S., a trade group said Tuesday.

The National Association of Realtors said pending home sales climbed 2.8%, with gains in each of the four major regions, including a 5.4% jump in the West.

Compared to 12 months ago, sales rose 1.6%, the first year-over-year gain in 17 months.

The NAR attributed the gain to strong job growth, a near-record stock marketSPX, -0.26%  , rising home values and low mortgage rates.

The Case-Shiller home-price report also released Tuesday showed moderating gains in prices in key Western cities, and in Seattle’s case, an outright year-over-year decline.

A sale is listed as pending when the contract has been signed but the transaction has not closed. The pending-home-sales index typically represents about 20% of the transactions for existing home sales.

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