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Real Estate Sales

Pending US home sales strengthened in July

More Americans signed contracts to purchase homes in July, a sign that demand for home ownership remains strong despite a shortage of listings on the market.

The National Association of Realtors said Wednesday that its seasonally adjusted pending home sales index rose 1.3 percent in July to 111.3, the highest reading since April. The index of upcoming sales increased 1.3 percent from a year ago. The number of signed contracts improved in the Northeast, South and West. But pending sales dipped in the Midwest.

Housing has staged a solid rebound in prices and sales this year, but the real estate market faces potential challenges as fewer properties are being listed for sale....

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