Friday, August 8, 2008

Pending US Home Sales for June Increase 5.3%

The National Association of Realtors just announced that the number of pending sales of existing homes (adjusted for seasonal variations) increased by 5.3% in June (as compared to May). The "pending sales" number is viewed by many experts as a leading indicator of future home sales so this latest figure is very encouraging that the US housing crisis may be at the beginning of a bottoming process. Here is a link to an AP story on this announcement.

A previous post on this blog about pending sales for Longmeadow in May showed a healthy number (33) which was a good forecast of the latest July results.

The encouraging Longmeadow home sales report for July that I posted earlier this week looks like it may be part of a national trend.