NAR Chief Economist Lawrence Yun discusses the reasons for the slip in pending home sales in July 2013.
In July, single-family new-home sales dropped to their lowest level in nine months. Economists blame the recent surge in mortgage rates.
Pending home sales were down in July, with higher mortgage interest rates slowing the market.
NAR's quarterly commercial real estate forecast shows vacancy rates tightening in commercial real estate sectors with modest rent growth.
The strongest improvements in median sale prices over the four-quarter period ending in June of 2013 were dominated by markets from the Sun Belt and Atlanta.
NAR Chief Economist Lawrence Yun discusses the strong rise in existing-home sales in July 2013, and the factors that caused the rise.
The housing recovery rolls on with some markets seeing bigger progress than others.
Existing-home sales rose strongly in July, with the median price maintaining double-digit year-over-year increases.
Single-family housing starts fell to an eight-month low last month, prompting economists to question why new-home construction is still below rising demand.
Housing price increases is good for the overall economy, but the gap between moderate-income family earnings and the cost of housing is widening in many markets.