Pending home sales edge up in July
Pending home sales rose 0.5% in July after an upward revision to June's
numbers, the National Association of Realtors said Thursday. The pending
home sales index was 7.4% above July 2014 levels. A sale is listed as
pending when the contract has been signed but the transaction has not
closed. Lawrence Yun, chief economist at the NAR, said the data bodes
well for existing sales to maintain their recent elevated pace, as he
forecasts a 7.1% gain for 2015 existing home sales to 5.29 million homes
and a median price rise of 6.3%.
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