All Posts tagged Low Inventory in the West

In July, contracts to buy previously owned homes rose to their highest level in more than two years… suggesting that the Housing Market Recovery is Making Headway.

The Pending Home Sales Index set by the National Association of Realtors, based on contracts signed in July, rose 2.4 % to 101.7 – the highest level since April 2010… and just before the deadline for the home buyer tax credit.

With gains in home construction and sales and prices, the report was just the latest one to show momentum in housing market recovery.  Pending home sales were up 12.4%  year-over-year in July.

Monthly increases in home buying activity were seen in all regions except for the West. . . this is because of the extreme lack of inventory there.  The West saw a 1.7% drop in contracts last month.  Contracts in the Northeast gained 0.5 % last month and the Midwest increased 3.4%.  In the South, contracts rose 5.2%.