Existing-home sales may have been down nationally last month, but July could be a bit more promising with the latest numbers out from the National Association Realtors.
According to NAR, pending home sales were up a modest 0.3 percent in June from the previous month—the first increase since February. Month-over-month, contract signings increased in the Northeast and Midwest but decreased in the South and West.
“The recovery has not taken place, but the housing recession is over. The presence of multiple offers implies that housing demand is not being satisfied due to lack of supply. Homebuilders are ramping up production and hiring workers,” said NAR Chief Economist Lawrence Yun. “With consumer price inflation calming close to the Federal Reserve’s desired conditions, mortgage rates look to have topped out. Given the ongoing job additions, any meaningful decline in mortgage rates could lead to a rush of buyers later in the year and into the next.”