Pending Home Sales Show Another Gain

According to the National Association of Realtors® home sales have increased again for the second month in a row.

The Pending Home Sales Index show an increase of signed contracts in August that rose 4.3 percent to 82.3 based on contracts signed in August. The increase is from the 78.9 percent data from July. The figures represent contracts and not closings, which generally have a delay of one to two months.

Lawrence Yun, NAR chief economist, has stated that the latest data is consistent with a gradual improvement in home sales in upcoming months. Yun also said that, “Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market.” “However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence.

For more information, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market  includes Hoboken, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

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