The level of home sales is expected to show little movement in the months ahead, according to the latest projections. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, fell 3.2% to 86.5 from an upwardly revised reading of 89.4 in June, which had risen 5.8% from May. The July index remains 6.8% below July 2007 when it stood at 92.8.
Lawrence Yun, NAR chief economist, said home sales continue to edge up and down. “Pending home sales are oscillating month-to-month, with the long-term trend essentially flat,” he said. “Overly stringent lending criteria imposed by Fannie Mae and Freddie Mac in the past month no doubt held back contract signings.”
This national trend is certainly true here in Nashville where the Remarkable Homes Team has not seem a push in the market since the beginning of the year. However, we have certainly seen a marked rise in the number of homes heading towards the rental and auction markets.
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