Pending home sales increased for the third consecutive month in the United States in July, with each of the four regions of the nation seeing monthly and yearly gains, according to a National Association of Realtors report released Thursday.
The Pending Home Sales Index increased by 5.9 percent in July – and were 15.5 percent over last July.
“We are witnessing a true V-shaped sales recovery as homebuyers continue their strong return to the housing market,” said Lawrence Yun, NAR’s chief economist. “Home sellers are seeing their homes go under contract in record time, with nine new contracts for every 10 new listings.”
Pending home sales increased by 25.2 percent in July and were 20.6 percent higher than last year. In the Midwest, sales rose by 3.3 percent and were up 15.4 percent for the year. Sales in the South increased just 0.9 percent for the month – and 14.9 percent for the year. In the West, it was a 6.8 percent monthly and 13.2 percent yearly increase.
“Anecdotally, Realtors® are telling me there is no shortage of clients or home seekers, but that scarce inventory remains a problem,” Yun said. “If 20 percent more homes were on the market, we would have 20 percent more sales, because demand is that high.”