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June sees increase in pending home sales

Pending home sales increase during June.

Pending home sales increase during June.

Housing markets in the West and South regions of the United States were active during June, as pending home sales rose 6.4 and 4.4 percent, respectively, during the month, according to a new report from the National Association of Realtors. June's rise comes on the heels of May's positive pending home sales numbers.

Lawrence Yun, NAR chief economist, said the rising activity in May and June should result in an improvement in closed sales during the months ahead.

While Americans in the West and South appear to be packing up possessions and moving to new homes, those in the Northeast and Midwest are starting to slow down on their new house purchases. The Pending Home Sale Index in the Northeast fell 0.4 percent to 68.9, and the index in the Midwest felt 3.7 percent to 79.7. These indices are far lower than the 99.2 and 107 scores achieved by the South and West regions, respectively.

Although the Northeast and Midwest saw dips, the former's index was 19.4 percent higher in June than it was during the same month in 2010, while the latter's index was 26.4 percent higher than a year earlier.

A rise in pending home sales may indicate that more individuals are trying to take advantage of the low home values and reasonable mortgage rates while they still can. Families that have been thinking about moving and relocating to a new city may now be pushing forward with the process.