Contracts to buy US homes hits 2-year high in July

By Qiong (June) Zhang42 Comments

Americans signed the most contracts to buy homes in July than at any other point in the last two years, further evidence of a housing recovery.

The National Association of Realtors said Wednesday that its index of sales agreements for previously occupied homes jumped 2.4 percent in July to 101.7. That’s higher than June’s reading of 99.3.

The Realtors’ group said contract signings increased in July in all regions of the U.S. except for the West, which it said has a severe shortage of available homes for sale.

The increase is the latest sign that the home sales are finally rebounding five years after the housing bubble burst.

Home prices have also started to rise consistently, which could boost sales further in the months to come.


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