Sep 01
Housing Perspective: July Pending Home Sales
Homes under contract to buy rose in July for the sixth straight month, reaffirming the widely held view that the worst of the housing market correction is behind us. The index of pending home sales rose 3.2% from the month before, according to Bloomberg.
Even Mark Zandi, the famously bearish chief economist at Moody’s Economy.com, said “The housing market is much improved.”
Indeed, buying activity is strong, and some markets could even be described as “hot,” with little inventory and many multiple bid situations. Ultimately, the question is the sustainability of this “rally” in the low end markets, and how things will shake out of the government starts to ratchet back it’s support of the housing market.