by Danielle Derringer
Modest near-term movement is expected in existing-home sales, with a recovery in sales expected in the second half of the year, according to the latest forecast by the National Association of Realtors (NAR).
The forecast states the Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in May, fell 4.7 percent to 84.7 from a revised reading of 88.9 in April. It remains 14 percent below May 2007, when it stood at 98.5.
Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month can be expected.
"The overall decline in contract signings suggests we are not out of the woods by any means," Yun said. "The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy."
Yun also said location has never mattered more than in the current market.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment