U.S. Home Construction Jumps nearly 10 percent in January
Seattle Eyes Taller, Denser in Affordable Housing Proposal
Trump's Plan to Rebuild US Roads Relies on Local Dollars
Keeping Electronic Records Can Save you Much More than Just Paper
Smartphone Cameras Top the List for Improving Jobsite Safety
Construction Industry Tech Spending is On the Rise
Friday Funny: An "Occupational" Hazard
Market Sell-Off a Good Time to Brush Up on Financial Terms
By Josh Boak
July 27, 2016
WASHINGTON (AP) — The number of Americans who signed contracts to buy homes crept up in June, a possible indication that the recent growth in real estate sales is still on track.
The National Association of Realtors said Wednesday that its seasonally adjusted pending home sales index rose 0.2 percent last month to 111, regaining some ground after a dip in May. The index of upcoming sales improved 1 percent from a year ago, as buyer demand remains strong even though there are fewer properties being listed for sale.
Pending sales contracts are a barometer of future purchases. A sale is typically completed a month or two after a contract is signed. The number of signed contracts
Completed sales of existing homes rose 1.1 percent in June to a seasonally adjusted annual rate of 5.57 million, the best pace since February 2007, the Realtors reported last week.
Even as demand has increased, the number of listings on the market has fallen over the past year. Many homeowners are recovering equity that disappeared after the housing bubble began to burst almost a decade ago. Even though prices are pulling closer to their peaks, these homeowners would be unable to generate enough of a profit from a sale to pay for the expense of purchasing a new home.
The number of listings has fallen 5.8 percent from a year ago to 2.12 million, possibly limiting how much sales can continue to increase.
The tight supplies have fed into rising home values. The median home sales price has risen 4.8 percent from a year ago to $247,700 in June. That increase is roughly double the pace of average hourly wage gains.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Appeals Court Backs Nuke Plant Water Supply from Green River
In case you hadn’t heard, OSHA increased the cost of penalties by 78 per cent back in August of 2016, and another two per cent increase came your way just January 15 of this year. Further increases... Read More
If you're a construction worker, you're most likely working physical labor and it can get hot if you're working under the sun. Here's a guide for h... Read More
Pete says that Procore quickly breaks down the complicated pieces of data in his jobs, and presents them to the end user in a digestible format. "T... Read More
Hear Brad Hyatt, Associate Professor at California State University Fresno, discuss what students are learning in school to prepare them for const... Read More
Construction has always had a somewhat complicated relationship with technology. Over the last few decades there have been improvements in material... Read More
J. Colin Cagney, a director, KPMG Major Projects Advisory, knows that while most companies want to use data analytics to increase, they’re often no... Read More
Congress has passed the final version of the federal tax reform bill, and it will soon head to President Donald Trump to be signed into law. The qu... Read More
January 9, 2018