US pending home sales 'up on 2010'

The latest figures published by the National Association of Realtors (NAR) show that pending home sales in the US were higher in August than at the same time a year earlier, despite registering a month-on-month decline.

According to the organisation, the number of US properties currently waiting for transactions to be completed was 7.7 per cent greater in August, compared to 12 months earlier.

However, the number of pending home sales slid by 1.2 per cent between July and August this year.

Lawrence Yun, NAR chief economist, stressed that action needs to be taken in order to help potential buyers get on the market.

"We need to remove the road blocks to the housing recovery for people who are trying to take advantage of excellent affordability conditions," he stated.

In September, the association reported that existing home sales in the US rose on both an annual and monthly basis in August.

The NAR noted that a greater number of investors had entered the real estate market in August, compared to the previous month.
 

Like this? Then share with your friends and colleagues!