The Pending Home Sales index tracks contract signings, which usually close within two months and it’s a forward-looking indicator of home sales. The May index was revised down to 112.3 from a previously reported 112.6. May’s, but the value was still the highest since May 2006.
Housing Economists had expected a 1 percent rise in June, but the index of pending home sales showed that in June it fell by 1.8 percent to a seasonally-adjusted 110.3, the lowest level since March, but 8.2 percent higher than June 2014. June, remains well above year-ago levels and a sign the housing market is stabilizing.
The lack of inventory and affordability is really constraining the market and why first time home buyers need to do a little research before doing in any home shopping and learn about FHA home loans, FHA 203K home loans, USDA Zero Down home loans, FNMA My Community Mortgage, VA home loans, Mortgage Credit Certificate, understanding your credit and so much more our blog offers to help would-be home buyers. If you do, you’ll be positioning yourself for a successful home purchase. Simply put, buying a home in today’s market take more than just looking at inventory, it takes a plan.
Stronger job gains have helped build momentum in the housing market this spring and interest rates remain at historical lows, despite ticking up in recent months, but getting credit qualify is still hard. If you’re like many home buyers coming up with a 20 percent down payment isn’t easy, but home buyers do have options with several of the low down payment programs designed to help would-be home buyers purchase a home..
The pace of completed existing-home sales increased 3.2 percent last month from May to a seasonally adjusted rate of 5.49 million and the strongest since February 2007, but there remains a lot of pinned up demand due to the shortage of homes on the market nationwide and the question is will home buyers wait for more homes to come onto the market or give up and rent? .
The seasonally adjusted home ownership rate declined to 63.5 percent, down from 64.7 percent in the second quarter of 2014, according to estimates published by the Commerce Department on Tuesday.
The June pending home sales number; because it’s a forward-looking index means home closings over the next month or two will slow. We will likely see some softening in the existing home sales data from their recent high over the next month or so, following the June decline in pending sales.
A SIMPLE HOME SHOPPING INSPECTION TOOL
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