Thursday, July 28, 2011

Pending Home Sales: June 2011

Today, the National Association of Realtors (NAR) released their Pending Home Sales Report for June showing home sales increased with the seasonally adjusted national index climbing 2.36% since May and increasing 19.76% above the level seen in June 2010.

Meanwhile, the NARs chief economist Lawrence Yun suggests that it would be best for housing for the economy to return to normal while adding that the Feds should not "rock the boat" in Washington.

"The best way to ensure a more solid recovery in housing is to simply return to normal, sound credit standards so more creditworthy home buyers can get a mortgage ... Washington also should not rock the boat with policy changes that would negatively impact affordable credit or otherwise increase the cost of buying or owning a home,"

The following chart shows the seasonally adjusted national pending home sales index along with the percent change on a year-over-year basis as well as the percent change from the peak set in 2005 (click for larger version).