Home Sales Rebound in July

Posted by Ed Hughes

The NAR has reported that pending home sales rose in July to the highest level in over two years. Home sales are also well-above the rate they were a year ago.   NAR’s chief economist, Lawrence Yun, said, “While the month-to-month movement has been uneven, more importantly we now have 15 consecutive months of year-over-year gains in contract activity.”   Existing-home sales are projected to rise 8 to 9 percent in 2012, followed by another 7 to 8 percent gain in 2013. According to the NAR, home prices are expected to increase 10 percent cumulatively over the next two years.