LIFamilies.com - Long Island, NY


RSS
Articles Business Directory Blog Real Estate Community Forum Shop My Family Contests

Log In Chat Index Search Rules Lingo Create Account

Quick navigation:   

July Pending Home sales fall 7%

Posted By Message

MegZee
My bunny

Member since 5/06

8777 total posts

Name:
Meaghan

July Pending Home sales fall 7%

July pending home sales fall 7 percent
National Association of Realtors' index is down 16 percent from last July.
September 1 2006: 11:31 AM EDT

WASHINGTON (Reuters) -- Pending sales of U.S. homes plunged 7 percent in July to their lowest level in more than three years, a trade association said on Friday.

The National Association of Realtors' Pending Home Sales Index, based on contracts signed in July, fell to a seasonally adjusted 105.6 in July from a downwardly revised 113.5 in June.


The 7 percent drop was the biggest the index ever posted, the trade group said. The index dates back to January 2001.

The index was down 16 percent in July compared to a year ago.

"Based on recent changes from a year ago, the index shows existing-home sales should continue to ease after a stronger-than-expected decline in July, but are likely to flatten in the months ahead," said David Lereah, NAR's chief economist.

The index includes pending sales of existing single-family units, condominiums and co-ops. A home sale is pending when the contract has been signed but the transaction has not closed.

Pending sales typically close within one or two months of contract signing.

Posted 9/1/06 2:28 PM
 
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource
  |   Long Island Weddings

Beth
The Key to your new home....

Member since 2/06

24849 total posts

Name:
Beth

Re: July Pending Home sales fall 7%

maybe this is why rates dropped this week-

Posted 9/1/06 5:17 PM
 

Blu-ize
Plan B is Now Plan A

Member since 7/05

32475 total posts

Name:
Susan

Re: July Pending Home sales fall 7%

Yep and I think the prime lending rate will stay level for a while. There are parts of the country experiencing higher inflation, poor job market and extremely high costs of living.

Posted 9/1/06 7:46 PM
 

MegZee
My bunny

Member since 5/06

8777 total posts

Name:
Meaghan

Re: July Pending Home sales fall 7%

yep, I agree with you both.

and - this is a precursor for what home sales will be in a few months, since this measures homes that went into contract.

Posted 9/1/06 9:26 PM
 
 

Potentially Related Topics:

Topic Posted By Started Replies Forum
ETA: Existing home sales drop in July MegZee 8/23/06 9 Home
Looking for a home!!!! married53005 9/1/06 1 Home
Home from work today and I just tore the house up cleaning Lanabean 9/1/06 7 Families Helping Families ™
Sales of Existing Homes Fall in June MegZee 7/25/06 1 Home
Realtors: Home sales now a 'buyer's market' SweetestOfPeas 7/25/06 34 Home
I had an ER C-Section on July 15th...our baby boy is home! Kathy116 7/20/06 84 Pregnancy
 
Quick navigation:   
Currently 1250005 users on the LIFamilies.com Chat
New Businesses
1 More Rep
Carleton Hall of East Islip
J&A Building Services
LaraMae Health Coaching
Sonic Wellness
Julbaby Photography LLC
Ideal Uniforms
Teresa Geraghty Photography
Camelot Dream Homes
Long Island Wedding Boutique
MB Febus- Rodan & Fields
Camp Harbor
Market America-Shop.com
ACM Basement Waterproofing
Travel Tom

      Follow LIWeddings on Facebook

      Follow LIFamilies on Twitter
Long Island Bridal Shows