Pending Home Sales Decline in August, But Up Over Last Year

The slight drop in pending homes sales from July to August is overshadowed by double digit gains in volume and 8 to 9% increases in value year over year. In reaction to the August drop, NAR’s chief economist Lawrence Yun is “not concerned at all” due to strong buyer demand, fewer distressed sales and the declining number of “days on market”. He estimates an 8 to 10% increase in home sales overall in 2012 and another 8% increase in 2013, as well as 5% price appreciation in both years. Watch the following video for more details: