Pending Home Sale Up Again!
The National Association of REALTORS has announced that pending homes sales are up again in June. This is the 5th month in a row that these anticipated real estate sales have been up - something that hasn't happened in six years since July of 2003.
From a Pending Homes Sales Index (PHSI) of 80.4 in January 2009, activity has grown to 94.6 as of June. That is an increase of over 17% since the beginning of the year. An index of 100 is based on 2001 sales and coincides with a historically high level of home sales activity. The index measures housing contract activity. It is based on signed real estate contracts for existing single-family homes, condos and co-ops. A signed contract is not counted as a sale until the transaction closes. Modeling for the PHSI looks at the monthly relationship between existing-home sale contracts and transaction closings over the last four years.
For a video of the announcement, go to:
Jim Armstrong
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