Pending home sales mark 5th month of growth

Source: Phoenix Business Journal, August 4th, 2009 – Article by Adam Kress

Pending home sales were up for the fifth consecutive month in June, and according to the National Association of Realtors, that’s the first time in six years for such a hot streak.

The NAR’s Pending Home Sales Index, based on contracts signed in June, rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May. The index is now well above last June’s reading of 88.7.

Pending homes sales in NAR’s West region — which includes Arizona — rose 2.9 percent to 100.4, but remains 0.2 percent below June 2008 levels.

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 have been on the sidelines,” he said. “Activity has been consistently much stronger for lower priced homes.”

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