Finally! Some good news coming out about the housing market. June sales rose unexpectedly across the country, to it’s highest level since October. Yes, things are still down from last year’s level, but any increase in sales is a good sign.
The pickup in June signings sharply contrasted with forecasts by economists polled by Reuters who had expected home sales contract signings to decline 1 percent. But statistics from the National Association of Realtors(NAR) show the Pending Sales Index, based on contracts signed in June, was up 5.3%. The housing market remains in transition, but this news is still encouraging!
Lawrence Yun, Sr Economist for NAR, says this is welcoming news because an increase in contract activity is necessary for an overall housing recovery. Contract signings rose in June by 9.3 percent in the South, by 4.6 percent in the West, 3.4 percent in the Northeast and 1.3 percent in the Midwest.
More good news includes the Housing Bill legislation signed last month to help current homeowners ward off foreclosures and give a tax credit to first time homebuyers.
This kind of news is obviously encouraging to those of us in the Real Estate business, but it should also be very encouraging to you, the Buyers and Sellers! Many of you have been putting off a move because the housing market has appeared so dim. But now we are beginning to see that light at the end of the Tunnel! Activity is picking up, confidence is returning. And THAT is Good News!