July Pending Home Sales Provide Further Evidence of Housing Recovery

Recent economic data out of the United States has been pointing towards a slow recovery in the economy and housing has now joined the flow of better-than-expected numbers. Today’s release of the index of pending sales of existing homes for the month of July, prepared by the National Association of Realtors, shows a growth of 2.4% to 101.7 from last month’s reading, according to the WSJ. On a year-on-year basis, the index was higher by 12.4%. The index also surpassed economists’ expectations, who had called for only a 1% increase over the last month. It is significant that this is…