Pending US Home Sales Strengthen In July
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WASHINGTON (AP) - More Americans signed contracts to purchase homes in July, a sign that demand for home ownership remains strong despite a shortage of listings on the market.
The National Association of Realtors says its seasonally adjusted pending home sales index rose 1.3 percent last month to 111.3, the highest reading since April. The index of upcoming sales increased 1.3 percent from a year ago. The number of signed contracts improved in the Northeast, South and West. But pending sales dipped in the Midwest.
Pending sales contracts are a barometer of future purchases. A sale is typically completed a month or two after a contract is signed.
Completed sales of homes fell 3.2 percent in July to a seasonally adjusted annual rate of 5.39 million, the Realtors reported last week.
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