The National Association of Realtors recently released data on July home sales, revealing an increase of 0.9% in pending home sales, registering the fourth consecutive month of growth. Mirroring the trend for new home sales, which saw an increase of 4.4%, this is sadly not enough to offset the 8.9% decline that pending home sales suffered earlier in the year.

Reflecting the current uncertain economic climate, the 0.9% increase in pending sales is a positive sign and one that is hopefully indicative of a move towards lasting recovery. Despite the modest gain, foreclosure moratoriums and an ever-changing housing market means that more clarity and stability is needed for the industry to get back to normal.

The main points of the July pending home sales report include:
• Positive news: the 0.9% increase in pending home sales, signifying the fourth consecutive month of increase
• Mirroring the trend: the increase is comparable to the 4.4% increase in new home sales
• Room for improvement: the increase is not enough to outweigh the 8.9% decline in pending home sales earlier in the year
• Economic uncertainty: foreclosure moratoria and an ever-changing housing market need to be addressed for a return to lasting recovery

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