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Wed Aug 29, 2012, 12:13 PM


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.

Read more: http://www.usatoday.com/money/economy/housing/story/2012-08-29/pending-home-sales-index-july/57400228/1

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