WASHINGTON —
The number of buyers who signed contracts to purchase previously occupied homes increased in July but remained well below last year’s levels, a sign that demand for housing remains weak.
The National Association of Realtors says its seasonally adjusted index rose 5.2 percent from a month earlier to a reading of 79.4. Economists surveyed by Thomson Reuters had expected the index would fall to 74.9.
The index was still down 19 percent from the same month last year. June’s reading was the lowest on records dating to 2001. It was revised slightly downward to 75.5.
The index provides an early measurement of sales activity because there is usually a one- to two-month lag between a sales contract and a completed deal.
Daily Updates
September 2, 2010
Pending home sales rise 5.2 percent in July
- Daily Updates
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Gas prices expected to fall further heading into summer
Millions of travelers breathed a sigh of relief when gasoline prices fell in the weeks leading up to the heavily traveled Memorial Day weekend.
Gas prices could fall even more in the weeks ahead, and even if they do rise in July and August, they are likely to remain well below the $4 or $5 per gallon that some observers had feared.
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