Pending home sales rose modestly in July, increasing 0.5 percent over the month. The upward trend in pending home sales further reflects the rising tide of housing-related economic indicators.
Pending Home Sales Momentum Continues
- The Pending Home Sales Index ticked-up a modest 0.5 percent to 110.9 in July, from an upwardly revised 110.4 in June. This rise marks the sixth increase in the past seven months.
- This report reflects activity prior to the recent wild swings in the financial markets and shows that existing home sales had strong momentum going into that period. The overall positive trend is supportive of continued gains in existing home sales
Solid Gains in the Northeast
- The pickup in pending home sales in July was largely driven by gains in the Northeast. The Northeast index increased 4.0 percent in July and is currently up 12.1 percent year-over-year.
- All regional indices have strengthened over the year and are well above their year-ago levels. Although pending home sales in the West declined 1.4 percent on the month, the index is still up 9.2 percent year-over-year.
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