Pending Home Sales Index climbs 0.5 percent [Video]
Posted on Tuesday, September 8, 2015 at 9:31:02 AM
A gauge of pending home sales indicates that, though progress is still generally positive, contract activity is leveling off as 2015 enters its second act.
The National Association of Realtors' Pending Home Sales Index increased 0.5 percent in July to a seasonally-adjusted 110.9 from an upwardly revised measure of 110.4 in June. This is below Wall Street Journal economists' projections of a 1 percent rise, but keeps the index 7.4 percent higher than it was at the same point last year, the media outlet reported. Though contract activity isn't quite as strong as it was in early 2015, the housing recovery isn't expected to stumble going forward.
"We are inclined to interpret the softness at the start of the quarter as payback after a strong performance at the beginning of 2015 and expect the housing market to remain in recovery mode," Blerina Uruci, a Barclay's economist, wrote in a note to clients, according to the Wall Street Journal.
Though the housing market isn't churning like it was months ago, it is expected to continue moving in a positive direction going forward, even if the numbers aren't quite as flashy as they have been in the recent past.