Today some news that is actually quite positive!
According to head Number Cruncher or the National Association of Realtors Lawrence Yun, pending sales of existing homes rose by 5 percent in June compared with the previous month, a surprisingly positive sign for our beleaguered housing market.
NAR also said it was the largest monthly gain in more than three years and that increases in pending sales were reported across the country. However Yun, wasn't overly optimistic, and the pending sales index remained 8.6 percent below year-ago levels.
"It is too early to say if home sales have already passed bottom," Yun said in a statement.
Since there typically is a period of one to two months between when buyers and sellers sign a sales contract and when the property changes hands, pending home sales in June are likely to be completed between July and August. This appears to me that the typical Spring Market did indeed start - in Summer!
The Index is considered an indicator of how sales will perform in the coming weeks because it measures home purchases in which a sales contract has been signed, but the deal has not yet been closed. Once the deals close then we will know how the prices have been affected by the changes to the market.
Keep in mind the EVERY market goes in cycles and rarely do they stay flat. Eventually what goes down must go UP!
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