The number of pending homes for sale rose in June, a rebound from the previous month, according to a report released Thursday.
The National Association of Realtors’ Pending Home Sales Index rose 5.3% in June to 89 from a downwardly revised reading of 84.5 in May.
The index remains 12.3% below its level in June 2007, when it stood at 101.4, but it’s at its highest point since October 2007, when it was at 89.9.
The number of homes under contract for sale fell more than expected in May, after a surprising spike in April.
However, this month’s report isn’t necessarily good news for the average home seller. That’s because many of the pending home sales are for foreclosed properties being sold at a steep discount by lenders, according to Mike Larson, a real estate analyst at Weiss Research.
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