{"id":1004082834,"date":"2013-08-29T05:41:39","date_gmt":"2013-08-29T13:41:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004082834"},"modified":"2022-12-08T19:09:07","modified_gmt":"2022-12-09T03:09:07","slug":"economy-watch-pending-home-sales-dip-oil-prices-spike-due-to-international-jitters","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/economy-watch-pending-home-sales-dip-oil-prices-spike-due-to-international-jitters\/","title":{"rendered":"Economy Watch: Pending Home Sales Dip; Oil Prices Spike Due to International Jitters"},"content":{"rendered":"<p><em>By Dees Stribling, Contributing Editor<\/em><\/p>\n<p>Upward-creeping mortgage interest rates seem to be affecting home sales, or least pending sales in some markets. According to the National Association of Realtors on Wednesday, its Pending Home Sales Index dropped from 110.9 in June to 109.5 in July, though it\u2019s still higher than a year ago. Pending sales, a forward-looking indicator based on contacts signed but not closed, have stayed above year-ago levels for the past 27 months.<\/p>\n<p>NAR chief economist Lawrence Yun noted that there\u2019s an uneven pattern to pending sales around the country. \u201cThe modest decline in sales is not yet concerning, and contract activity remains elevated, with the South and Midwest showing no measurable slowdown,\u201d he said in a statement. \u201cHowever, higher mortgage interest rates and rising home prices are impacting monthly contract activity in the high-cost regions of the Northeast and the West.\u201d<\/p>\n<p>The organization also projects that existing-home sales will increase 10 percent for all of 2013 compared with last year, totaling about 5.1 million units, and reach about 5.2 million units next year. With ongoing supply imbalances, the national median existing-home price is expected to grow nearly 11 percent this year, but moderate to a gain of 5 percent to 6 percent in 2014, with rising construction taking some of the heat off of home prices.<\/p>\n<p><strong>Oil Prices Spike Because of International Jitters<\/strong><\/p>\n<p>The crisis in Syria, and especially the prospect of U.S. military force being brought into the situation, seems to be pushing the price of crude oil upward. On Tuesday, the benchmark crude West Texas Intermediate closed at $109.01 a barrel for October delivery on the New York Mercantile Exchange, up $3.09 from the day before and up from less than $95 in late June; on Wednesday, the price was up to $110.10 a barrel, the highest level in more than two years. Brent North Sea crude, another benchmark, was higher as well.<\/p>\n<p>Syria isn\u2019t a major oil-producing nation, but some of its neighbors are. Oil traders might worry that supply from places, such as Iran, will be disrupted. Lost in the hubbub are indications that supply is still meeting demand, such as a report by the U.S. Department of Energy on Wednesday that said that American oil reserves rose by about 3 million barrels in the week ending Aug. 23. Normally, news like that has a soothing effect on traders.<\/p>\n<p>One question remains for the U.S. economy: will the run-up in crude oil prices have an impact on gas prices? The answer is a definite maybe. Gas prices have been going down lately, as they tend to do toward the end of summer. According to AAA, the average U.S. price for a gallon of regular was $3.546 on Wednesday. A month ago, the average was $3.624.<\/p>\n<p>On Wednesday, Wall Street seemed less worried about armed conflict and made a modest recovery from Tuesday\u2019s slide, with the Dow Jones Industrial Average up 48.38 points, or 0.33 percent. The S&amp;P 500 gained 0.27 percent and the Nasdaq rose 0.41 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to NAR, Pending Home Sales Index dropped from 110.9 in June to 109.5 in July, though it\u2019s still higher than a year ago. And the crisis in Syria, and especially the prospect of U.S. military force being brought into the situation, seems to be pushing the price of crude oil upward. <\/p>\n","protected":false},"author":1023,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004082834","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Economy Watch: Pending Home Sales Dip; Oil Prices Spike Due to International Jitters - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-pending-home-sales-dip-oil-prices-spike-due-to-international-jitters\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economy Watch: Pending Home Sales Dip; Oil Prices Spike Due to International Jitters\" \/>\n<meta property=\"og:description\" content=\"According to NAR, Pending Home Sales Index dropped from 110.9 in June to 109.5 in July, though it\u2019s still higher than a year ago. And the crisis in Syria, and especially the prospect of U.S. military force being brought into the situation, seems to be pushing the price of crude oil upward.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-pending-home-sales-dip-oil-prices-spike-due-to-international-jitters\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-08-29T13:41:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:09:07+00:00\" \/>\n<meta name=\"author\" content=\"Dees Stribling\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-pending-home-sales-dip-oil-prices-spike-due-to-international-jitters\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-pending-home-sales-dip-oil-prices-spike-due-to-international-jitters\\\/\"},\"author\":{\"name\":\"Dees Stribling\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/dc1e9fa4ee0430d86f8e60cd697c953c\"},\"headline\":\"Economy Watch: Pending Home Sales Dip; 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