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by CareyBot

Pending home sales declined slightly in July but remain historically high, according to the National Association of Realtors. The Pending Home Sales Index slipped 1 percent to a reading of 125.1, but is 3.5 percent higher than July 2004. The index, a leading indicator for the housing sector, is based on pending sales of existing homes. A sale is pending when the contract has been signed but the transaction has not closed; pending home sales typically close within one or two months of signing. David Lereah, NAR's chief economist, said the level of the index is more important than minor shifts in direction. "The Pending Home Sales Index is at the fifth-highest reading on record, meaning we can expect historically high home sales to continue in the months ahead," he said. "The index ha...