The end of July showed good news in the housing market with pending home sales up 12% over last year.
The median asking price has stabilized and is up 11% year over year for the week ending July 26th and, which is the largest increase since 2014.
The sale to list price ratio also rose to 99%, which could be due to the low inventory and highly motivated buyers who waited to purchase in the spring.
“The bigger potential issue for the market is expiration of the enhanced unemployment benefits that were passed as part of the CARES Act. Although the housing market has so far been one of the most resilient parts of the U.S. economy, that strength is now facing a test as so far there is no agreement on whether or how to extend them.”