About the Market

July Pending Home Sales Rise to Two-Year High
The National Association of Realtors’ (NAR) Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent over June and is 12 percent higher than in July 2008. According to NAR, the index is at its highest level since June 2007. In addition, contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001.
Spread the good news — homes are selling!!!!!!!!
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House Prices Rise for the First Time in Three Years
The Standard & Poor’s/Case-Shiller U.S. National Home Price Index released Tuesday rose nearly 3 percent from the first quarter, yet another sign that the housing market has turned a corner. This is the first quarter-over-quarter improvement in three years.
In addition, the report also showed that home prices climbed 1.4 percent in June, compared to May, the second consecutive monthly gain and the biggest since June 2005.
“We are seeing some positive signs,” David Blitzer, chairman of the index committee at S&P, said. “There are hints of an upward turn from a bottom.”

Existing-Home Sales Improve in July
The real estate uptrend continues as the National Association of Realtors (NAR) announced late last week that existing-home sales rose 7.2 percent in July. This marks the first time in five years that existing-home sales have increased for four months in a row, and is the largest monthly gain on record.
In addition to the month-over-month increase, existing-home sales were 5 percent higher than in July 2008. The last time sales were higher than a year earlier was November 2005.