Realtors' Pending Home Sales Index Shows A Healthy Market [View all]
Source: Associated Press
(AP) WASHINGTON (AP) —Americans signed more contracts to buy homes in July than at any time in the last two years, further evidence of a housing recovery.
The National Association of Realtors said Wednesday that its index of sales agreements for previously occupied homes jumped 2.4% in July to 101.7. That's higher than June's 99.3. It's also the highest reading since April 2010, last month that buyers could qualify for a federal home-buying tax credit.
A reading of 100 is considered healthy. The index is 12.4% higher than July 2011. It bottomed at 75.88 in June 2010 after the tax credit expired.
Contract signings typically indicate where the housing market is headed. There's generally a one- to two-month lag between a signed contract and a completed deal.