US pending home sales rise for third straight month in July
Home sales surging amid coronavirus
FOX Business’ Gerri Willis talks about how homes are flying off the market at a record pace and says all eyes are on this week’s real estate data releases.
Contracts to buy U.S. previously owned homes increased for a third straight month in July as the housing market continues to outperform the broader economy, which has been hammered by the COVID-19 pandemic.
Continue Reading Below
The National Association of Realtors said on Thursday its Pending Home Sales Index, based on contracts signed last month, rose 5.9% to 122.1 last month. Contracts increased in all four regions last month.
DALLAS COWBOYS MOST VALUABLE NFL FRANCHISE AT $6.43B, DATA SHOWS
Economists polled by Reuters had forecast pending home contracts, which become sales after a month or two, gaining 3% in July. Pending home sales surged 15.5% from a year ago.
BRETT FAVRE ON WHETHER NFL STADIUMS SHOULD ALLOW FANS TO ATTEND GAMES NOW
The housing market is being powered by record low interest rates and a migration to low-density residential areas as companies allow employees to work from home.
Data last week showed a record jump in sales of previously owned homes in July. Homebuilding and permits also soared last month, while confidence among homebuilders increased in August to the highest level since December 1998.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Source: Read Full Article