Pending home sales reach record low in JuneNews added by ProWEB Media on August 3, 2010
Gary Linnell

ProWEB Media

Joined: December 27, 2005

Contracts for pending sales of previously owned homes dipped to a record low in June, according to a recent survey by the National Association of Realtors.

The Association's Pending Home Sales Index, which is based on contracts signed in June, fell to a record low 75.7 from a revised 77.7 the month before.

According to NAR chief economist Lawrence Yun, "We really need to see stronger job creation to have a meaningful recovery in the housing markets." He added that "there could be a couple of additional months of slow home sales activity before picking up later in the year" in the event that the job market improves.

The monthly decline comes on the heels of a 30 percent drop in May after the expiration of a popular tax credit.

The index was down 18.6 percent compared with the same period last year and declined in three of four regions compared with the previous month.
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