The Pending Home Sales Index (PHSI) rose 3.3 percent in July over June to 105.9, marking an increase in the National Association of Realtors (NAR) measuring stick for four of the last five months, with three of the four regions registering an increase. While still below July, 2013 (108.2), according to worldpropertychannel.com, the index is at its highest level since Aug. 2013 (107.1)–100 is considered an average level for the index. NAR Chief Economist Lawrence Yun, noting prices are moderating and more new and existing inventory is available, says, “Steady job additions to the economy are helping family finances and giving them added confidence to enter the market.”
Regionally, the PHSI climbed in the Northeast 6.2 percent to 89.2, and now is 8.3 percent above last year, perhaps, as MHProNews understands, in response to the rebuilding efforts following Hurricane Sandy. The index rose 4.2 percent in the South to 119.0 but is one percent below a year ago. The West marked an increase of 4.0 percent in July to 99.5 but stands 6.0 percent below a year ago, while the Midwest registered a minor drop of 0.4 percent in July to 104.6 and remains 6.4 percent below July, 2013. Yun anticipates existing home sales will be below last year’s 5.09 million sales by 2.1 percent at 4.98 million. ##
