August 4th, 2010 12:50 PM by Christopher Terry
The National Association of Realtors released it's June pending home sales report showing a continued decline in pending sales since the end of the tax credit. This is the lowest level in more than a year and comes after the huge 30% drop in May. The pending homes sales index is a forward looking index since it looks at contracts signed, not closed transactions, during the month. The numbers are on par with averages seen in 2001.
NAR's cheif economist, Lawrence Yun says the pending sales index shows a "pausing situation" in home sales activity and that the weak sales in May and June will mean a continued underperforming real estate market at least through August.
The northeast region faired the worse with pending home sales tumbling 12.2 percent from May and fell 25.4 percent from June 2009 levels. The result will be inventory levels raising in relation to sales.
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