US: Sales of homes pending grow more than expected in June after 3 months of falls

The home sales pending in the united States rose in June to 1.5%, above the 1.0% expected, and the fall of 0.7% (revised) in may. Confirmation of this result, that would be the first monthly increase of the indicator after three consecutive months of falls.

Level year-on-year, the indicator showed that home sales increased by 0.7%, equaling the result of (revised) the previous month.

According to the National Association of Realtors, the entity which publishes the figures, all regions except the midwest saw an increase in contract activity.

Lawrence Yun, chief economist for NAR, points out that the rebound bullish on the pending sales in the greater part of the country in June, is information well received. “The first half of 2017 ended up with a number almost identical to signatures of contracts that a year ago, even when the economy added 2.2 million net new jobs…(…). Market conditions in many areas are still showing a good rate of sales, with a few properties to choose from, which is forcing buyers to act almost immediately if there is a home available that fits your criteria”.

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