Housing Market, Pending Home Sales are Increasing
According to a report released by the National Association of Realtors on Tuesday, pending home sales increased by much more than expected in the month of July, with pending sales increasing for the sixth consecutive month. Great out look for Miami Beach real estate!
NAR said its pending home sales index in July rose 3.2% to 97.6 from a reading of 94.6 in June. With the increase, which exceeded economist estimates of 1.5% growth, the index rose to its highest level since June of 2007.
A pending sale is one in which a contract was signed but has not yet been closed. It normally takes four to six weeks to close a contracted sale.
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