The National Association of REALTORS® (NAR) released their Pending Home Sales Index last week. This index is based on contract signings and it rose 2.4% to 101.7 in July, up 12.4% over July 2011. The index is at the highest level in almost 18 months, which was shortly before the closing deadline for the home buyer tax credit.
Also released was NAR’s Existing Home Sales Report which shows closed sales were up 10.4% and prices were up 9.4% over 2011. Closed sales in the Metro Milwaukee show an even more robust growth of 22.8% over 2011. Wisconsin shows large growth as well, with 19% more sales between August 2012 and August 2011. The NAR expects 7-9% gains throughout the country for both 2012 and 2013, with home prices expected to increase 10% cumulatively over the next two years.
Both of these releases show continued growth in the housing market, a sure sign of the continued recovery we’ve been experiencing throughout 2012.