Pending sales of existing homes, a better gauge of current sales activity, rose in June and contracts signed were up by double digits from year-ago levels, according to the National Association of Realtors.
The trade group’s monthly report on pending sales, or contracts signed but sales not yet closed, rose 2.4 percent from May’s level. Pending sales were up 19.8 percent from June 2010, the low point in pending sales immediately following the expiration of the homebuyer tax credit.
Pending sales were also up in May, following a drop in April and “the moving industry is feeling this surge of improved sales and real estate activity with much improved volume”, said Wayne Daniels, Senior Vice President for Cord Moving and Storage an Agent for North American Van Lines.
“For the majority of transaction, the lag time between pending contracts to actual closings is one to two months,” says NAR chief economist Lawrence Yun. “Therefore, the two consecutive months of rising activity should lead to overall improvement in closed sales in upcoming months.”
Pending sales were up from year-ago levels in all regions. In the South, which includes the Washington area but stretches from Delaware to Florida, pending sales last month were up 4.4 percent in June and up 19.1 percent from a year ago.Tags: Activity, Agent, Business, Business Journals, Chief Economist, Company, CORD, Cord Moving, Cord Moving and Storage, Delaware, Florida, Improvement, Industry, Memphis, National, National Association of Realtors, North American, Pending, Real Estate, Reports, South, Storage, Van Lines, Washington, Washington DC, Wayne Daniels, Western world