Housing Sales Inch Up

The National Association of Realtors Pending Home Sales Index rose 2.4% to 90.9 in June 2011, up from 88.8 in May, and is 19.8% above the 75.9 reading in June 2010. Activity increased in the West and South, but declined in the Midwest and Northeast. Tight credit and economic uncertainty continued to constrict the market. Existing-home sales are expected to total five million in 2011, slightly higher than 2010. Similarly, little change is forecast for aggregate home prices with several indicators, including NAR’s median prices, showing recent signs of stabilization.