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Theoretically, Americans should be buying homes. The economy’s strong, wages are growing, and mortgage interest rates are low.
Instead, pending home sales — as tracked by the National Association of Realtors — have declined for 17 straight months.
Until last month.
In June, pending home sales were up 1.6% over the same time last year. The uptick varied from region to region; the biggest jump was in the West, which saw a 5.4% increase, month on month.
But real estate agents around the country report buyers snapping up homes as soon as they come on the market, pushing up prices. They also report that there isn’t enough housing stock to satisfy demand.