Morning Minute: Pending home sales rebound in July; hit highest level in two years

The Pending Home Sales Index climbed 2.4 percent in July compared to June and was 12.4 percent higher than a year ago, according to the latest index released by the National Association of REALTORS® (NAR) today. The index tracks contract signings but not closings. In the Midwest region, which includes Illinois, the pending index in July rose 3.4 percent month-over-month and was 20.2 percent higher than a year ago. From NAR:

Lawrence Yun , NAR chief economist, said the index is at the highest level since April 2010, which was shortly before the closing deadline for the home buyer tax credit. “While the month-to-month movement has been uneven, more importantly we now have 15 consecutive months of year-over-year gains in contract activity,” Yun said.

Watch a new video from NAR on July pending home sales:

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About Stephanie Sievers

Stephanie Sievers is Senior Editor for the Illinois Association of REALTORS®. She serves as Senior Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.