WALL STREET JOURNAL
Pending Home Sales Slip in June
Housing Recovery Remains Choppy Despite Retreat in Interest Rates
By Josh Mitchell July 28, 2014 10:05 a.m ET
WASHINGTON—The number of contracts signed to buy previously-owned homes slipped in June, a sign the housing recovery remains choppy despite a retreat in interest rates.
An index of pending home sales, reflecting purchases under contract but not yet closed, fell 1.1% to a reading of 102.7 in June from May, ending three months of gains, the National Association of Realtors said Monday. The above-100 reading indicates market activity was still "average," if not robust, the trade group said.
Economists surveyed by The Wall Street Journal had forecast a 0.5% rise in June sales.
Compared with a year ago, pending-home sales were down 7.3% last month. That suggests many Americans remain unwilling or unable to enter the market despite historically low borrowing costs and a pickup in job creation. Full Story Link to WSJ article
No comments:
Post a Comment