Pending Home Sales Up for 5th Straight Month

Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors®.

The Pending Home Sales Index a forward-looking indicator based on contracts signed in June, rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7 percent above June 2008 when it was 88.7.  The last time there were five consecutive monthly gains was in July 2003.

Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains.

The Pending Home Sales Index in the Northeast rose 0.4 percent to 81.2 in June and is 5.8 percent above a year ago.  In the Midwest the index increased 0.8 percent to 89.9 and is 11.6 percent above June 2008.  The index in the South jumped 7.1 percent to 100.7 in June and is 8.9 percent higher than a year ago.  In the West the index rose 2.9 percent to 100.4 but is 0.2 percent below June 2008.

To watch a video about the rise in home sales, click here.

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