June pending home sales increase
Midwest up 11.6% from a year ago


Lawrence Yun, Chief Economist, NAR

By: Dennis Norman

Today the National Association of REALTORS(R) issued their Pending Home Sales Index Report for June showing pending sales in the U.S. were up for the fifth consecutive month, the first time in six-years for such a streak.

Here in the Midwest pending home sales were only up 0.8% from May, but were up a whopping 11.6% from this time a year ago, the largest year over year increase of the four regions in the U.S.

The pending home sales index for the Midwest rose 0.8% to 89.9 from a level of 89.2 in May, and was down only 0.05% from Aprils 90.4. April, 2009, had the highest index in the past 12 months, and June 2009 is now the 2nd highest showing clearly that there are signs of life in the market and that we have possibly seen the bottom.

Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. “Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower price homes,” he said.

To see an interview with Lawrence Yun by REALTOR(R) Magazine click here.

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