Highest Home Sales Since 2005. Can It Last?
Posted To: MND NewsWire
July marked the third consecutive outsized increase in the Pending Home Sales Index (PHSI) produced by the National Association of Realtors® (NAR) It also was the third of three July sales measures to surprise analysts. NAR said the PHSI, a leading indicator of home sales based on newly signed purchase agreements, rose 5.9 percent from 116.1 in June to 122.1. The increase in the PHSI was the smallest gain among the home sales indicators. New home sales rose 13.9 percent in July and new home sales soared 24.7 percent. Nonetheless, the performance is impressive given that the index has more than recovered from the 88.2 level to which it plunged in April as the nation shut down in response to the outbreak of coronavirus. The July gain, which put the index up 15.5 percent compared to a year…(read more)