WASHINGTON (MarketWatch) -- A gauge of pending home sales rose 3.3% in July to reach the highest level in 11 months, signaling that upcoming closings of existing homes are likely to speed up, the National Association of Realtors reported Thursday.
The index of pending home sales hit a seasonally adjusted 105.9 in July, compared with 102.5 in June. Low mortgage rates, moderating home-price growth and more homes for sale are all supporting deals, NAR said. However, weakness earlier in the year could drag 2014's total sales of existing homes below last year's tally. In July the pending-sales gauge was down 2.1% from a year earlier.
By region, July's gauge of pending home sales rose 6.2% in the Northeast, 4.2% in the South and 4% in the West. Meanwhile, the gauge declined 0.4% in the Midwest. Pending sales typically close within two months. An index reading of 100 equals 2001's average contract activity level.
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