Mirroring the July drop in new home activity, the National Association or Realtors (NAR) reported that pending home sales dropped by 1.3% in July. The NAR said that even with the drop, July was up 6.7% from the same month in 2012. Marketwatch tells MHProNews that “By region, pending home sales in July fell 6.5% in the Northeast, 4.9% in the West and 1% in the Midwest. Meanwhile, pending sales rose 2.6% in the South.” NAR considers a sale listed as pending when the contract is signed. Sales are normally finalized one or two months of signing. ##

 

(Image Credit: NAR Logo)