September 1, 2009
Pending Home Sales Up 12% In July
By Matthew L. Brown
Prospective home buyers signed more contracts in July than they have in some time, according to the National Association of Realtors.
The Pending Home Sales Index increased by 3.2 percent to 97.6 compared to June, the association said. The index's July score was also 12 percent greater than its score a year ago and is at its highest point since 2007, when it hit 100.7.
The association said affordability has spurred increased purchasing in many parts of the country. The typical mortgage payment on a home purchased around the median price is now less than 25 percent of a middle-income family's monthly income, the association said.
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