Pending Home Sales Rise in June, But Below Year-Ago

Philadelphia Inquirer (08/08/08); Heavens, Alan J.
The National Association of Realtors reports a 5.3-percent jump in existing-home sales in June from the previous month, but resales fell 12.3 percent year over year. According to NAR chief economist Lawrence Yun, "Sales have been in a pattern of rising and falling within a fairly narrow range." He notes that an increase in resales in every region is good because it is essential to housing market recovery. The South and West reported the biggest month-to-month gains due to large numbers of discounted foreclosures, while sales and affordability improved in Fort Myers, Fla.; Sacramento, Calif.; and Las Vegas.