AgentIndustry News

Home sales ride out stock market roller coaster

NAR’s Pending Home Sales Index about to hit 12 months of consecutive increases

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Takeaways: Home sales are holding steady, according to the National Association of Realtors’ Pending Home Sales Index for July. The index marginally increased 0.5 percent to 110.9 in July from an upwardly revised 110.4 in June and is now 7.4 percent above July 2014, NAR said. This marks the 11th consecutive month that the index has increased year over year and is this year’s third-highest reading, NAR noted. Despite the recent volatility of the stock market, the U.S. economy is growing and the job market continues to improve, and home sales are holding steady, according to the National Association of Realtors’ (NAR) Pending Home Sales Index (PHSI) for July. The PHSI, a forward-looking indicator based on contract signings, marginally increased 0.5 percent to 110.9 in July from an upwardly revised 110.4 in June and is now 7.4 percent above July 2014, NAR said. An index of 100 is equal to the average level of contract activity during 2001, which was the first year...