The National Association of Realtors released pending home sales data from July this morning. Pending sales increased 5.2 percent over the previous month. Most analysts had predicted that pending sales would drop by just over 1 percent. Lawrence Yun, the Chief Economic for NAR, cautioned that despite the good news, recovery will take time. "Home sales will remain soft in the months ahead, but improved affordability should help with a recovery...For those who bought at or near the peak several years ago, particularly in markets experiencing big bupbbles, it may take over a decade to fully recover lost equity."
Affordabilty is the combined impact of home priced and interest rates (currently below 4.5% on a 30-yr fixed).
Read the full NAR release here.
Here's an article from Forbes, discussing the news.
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