Pending home sales rose 0.5% in July after an upward revision to June’s numbers, the National Association of Realtors said Thursday. The pending home sales index was 7.4% above July 2014 levels. A sale is listed as pending when the contract has been signed but the transaction has not closed. Lawrence Yun, chief economist at the NAR, said the data bodes well for existing sales to maintain their recent elevated pace, as he forecasts a 7.1% gain for 2015 existing home sales to 5.29 million homes and a median price rise of 6.3%.
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