Pending Home Sales are UP!   For the 6th month in a row,   contracts on residential single home re-sales are up according to the National Association of Realtors!   This of course, is an excellent sign of a recovery in the Real Estate Market.   This pattern hasn’t been seen since 2001, when the index was created.

The index, a “look to the future” style indicator, increased 3.2% to 97.6 in July,  from 94.4 in June. and is 12% higher than the same time last year when it was 87.1.   The index is the highest   level since 2007.

What does this mean to you!!!

It means that houses are selling, old inventory, when properly priced, are selling.   When old inventory is removed from the market, the housing market will begin to be more competitive.   This will not happen quickly, and expectations of prices rising to the levels of early in 2005, are that it will take years.   But progress is progress, and we are happy to see houses selling in this depreciating market.