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31

Gain in U.S. Pending Home Sales Shows Market Is Stabilizing

By Tony Seruga

A rebound in contract signings for the purchase of previously owned U.S. homes shows housing demand is stabilizing after a three-month downturn, National Association of Realtors figures released Monday showed.

HIGHLIGHTS OF PENDING HOME SALES (JUNE)
Index rose 1.5% (est. 1% advance) after 0.7% drop Gauge climbed 0.7% from June 2016 on unadjusted basis Three of four regions showed month-over-month increase

Key Takeaways

The increase puts the group’s gauge in line with its average since the start of 2016 and shows growth in the residential real estate market is being sustained while contributing little to the economy. Housing remains driven by trade-up purchasers who have taken advantage of low mortgage rates and are taking in stride higher asking prices. Limited choices of cheaper properties, however, are hindering entry-level buyers…

Gain in U.S. Pending Home Sales Shows Market Is Stabilizing

Categories : Finance, Real Estate

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