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An index of home purchase contracts for previously owned dwellings unexpectedly increased 5.2% in July over June, the National Assn. of Realtors said Thursday, a modest note of good news for the U.S. housing market.The pickup in contracts, which typically take about one or two months to convert into closed deals, or sales, follows two consecutive months of declines and a report last week that sales of previously owned homes plunged 27.2% in July.
This is very good news! New home sales only rise once the inventory of previously owned homes is depleted. This is consistent with our local market, as most agents can attest to the shortage of attractive existing homes on the market.