USA Nonfarm Productivity - QoQ
|Latest Release:||03-12-2014 13:30:00|
|Next Release:||16-12-2013 13:30:00|
|Source:||Bureau of Labor Statistics|
Contracts to buy existing homes rebounded in July, adding to the view the US housing sector was slowly emerging from a rough patch at the start of the third quarter.
The pending home sales index rose 3.3 percent in July following a 1.3 percent drop the prior month, the National Association of Realtors reported today. The median estimate of economists called for an increase of 0.5 percent.
Compared to July 2013, pending home sales were down 2.1 percent, following a 7.3 percent annualized drop the previous month.
July marked the third consecutive month the pending home sales index was above the 100 mark, which represents the average level of contract activity.
Compared to June, contract activity increased in three of the four US regions. The pending home sales index increased 6.2 percent to 89.2 in the Northeast, 4.2 percent to 119 in the South, and 4 percent to 99.5 in the West.
The index declined 0.4 percent to 104.6 in the Midwest, NAR data showed.
Pending home sales reflect contract activity for existing single-family homes, which represent the largest segment of the residential real estate market. They allow economists to forecast the pace of existing home sales, which are based on contract closings.
According to NAR chief economist Lawrence Yun, rising contract activity in July resulted from more favourable housing conditions.
âInterest rates are lower than they were a year ago, price growth continues to...
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