Pending-Home-Sales Surge Surprises Economists

Before you go, we thought you'd like these...
Before you go close icon
After a gloomy month of frightening housing numbers, a ray of sunshine cut through the clouds. The Pending Home Sales Index for contracts signed in July rose 5.2 percent from June, according to the National Association of Realtors. While this is a 19.1 percent fall from last July's home sales numbers, economists had predicted a drop of 1 percent for this July. The new increase indicates that the housing decline following the end of the homebuyer tax credit incentives was nearing its end. It is hoped historically low mortgage interest rates and affordable housing prices will help the ailing housing market recover in the coming months.

In other good news, 17 major markets saw price increases in the latest monthly report. Find out how your market measures up.

Still trying to decide which is right for you? Here are some
AOL Real Estateguides to help you no matter whether you choose to buy or rent:

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

Find a New Home

Powered by Zillow

From Our Partners