Pending Home Sales Up Nationally

Pending home sales were up nationally this last month 2.8% from May and a whopping 19.8% from June of last year.  An increase in contracts from May to June isn’t that big a deal, but the 19.8% jump from June of last year is significant because June of last year was the first month following the expiration of the Home Buyer’s Tax Credit.  A steady increase in pending contracts month-to-month as well as a more “normal” June than last year perhaps shows that buyer’s confidence is slowly returning.  More importantly it may signal that the market is beginning to work naturally after the artificial stimulus of the Home Buyer’s Tax Credit.