If you believe David Lereah, the worst may be behind us. Our sense is that home sales may have reached a low in August, said the National Association of Realtor’s chief economist. He reached this conclusion in part because of the pending home sales numbers for August:
Pending sales of U.S. homes rose 4.3 percent in August in a sign the nation’s housing market might be stabilizing, a trade association said on Monday.
The National Association of Realtors said its Pending Home Sales Index, based on contracts signed each month, rose to 110.1 from 105.6 in July.
As is my habit, I like to look at numbers from my little corner of the Phoenix East Valley- Gilbert, to see if the numbers here conform to the theory.
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