July Pending Home sales fall 7%
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MegZee
My bunny
Member since 5/06 8777 total posts
Name: Meaghan
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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.
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Posted 9/1/06 2:28 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name: Beth
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Re: July Pending Home sales fall 7%
maybe this is why rates dropped this week-
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Posted 9/1/06 5:17 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name: Susan
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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.
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Posted 9/1/06 7:46 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name: Meaghan
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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.
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Posted 9/1/06 9:26 PM |
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