Pending sales of previously owned U.S. Homes rose unexpectedly in July, according to the National Association of Realtors. This index which is based upon contracts signed in July but not yet closed, increased 5.2 percent after the previous month saw a decline of -1.6%. The market was expecting another decline in the -1.5% range considering that the home buyer tax credit does not apply to any of these new purchase contracts.
While the housing market is far from being fully recovered, this is a very strong reading and is indicative of a market where we enjoy the lowest 30 year fixed rates that we have ever seen and a pool of very good inventory to select from.
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