Lawrence Yun, Chief Economist, NAR
By: Dennis Norman
Today the National Association of REALTORS(R) issued their Pending Home Sales Index Report for June showing pending sales were up for the fifth consecutive month, the first time in six-years for such a streak. This along, with other recent good reports on housing, indicate the strong possibility that the market has hit bottom and is now coming to life a little.
The pending home sales index (based on contracts signed in June, thereby giving a “look at the future” in term of sales) rose 3.6% to 94.6 from an upwardly-revised level of 91.3 in May, and is 6.7% above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003.
Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. “Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower price homes,” he said.
All four regions in the U.S. saw an increase in pending sales in June from a month ago, with the South leading with way with a 7.1% increase, followed by the West at 2.9%, Midwest at 0.8% and the Northeast at 0.4%. All regions showed an increase in June over a year ago with the exception of the West which showed a modest decline of 0.2% from a year ago.
To see an interview with Lawrence Yun by REALTOR(R) Magazine click here.
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