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Signed Contracts for U.S. Homes Rise for the Second Month in a Row

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The numbers: U.S. home sales inched up for the second month in a row, as the housing market continues to be hampered by high rates and a lack of home listings.

Pending home sales rose by 0.9% in July from the previous month, according to the monthly index released Thursday by the National Association of Realtors.

The figure exceeded expectations on Wall Street. Economists were expecting pending home sales to fall 0.5% in July.

Transactions were still down 14% from last year.

Pending home sales reflect transactions where the contract has been signed for the sale of an existing home, but the sale has not yet closed. Economists view it as an indicator for the direction of existing-home sales in subsequent months.

Big picture: High rates and home prices have sent many potential buyers to the sidelines, but those who are purchasing a home out of necessity, or who have the ability to make a cash offer, are still pushing through.

Sales activity was a lot less brisk in July due to the ongoing inventory issue and with the 30-year loan rate at or near the 7% range. And with rates hitting a multidecade high in August, expect the data to continue to show a housing market that’s dragging along.

What the realtors said: “The small gain in contract signings shows the potential for further increases in light of the fact that many people have lost out on multiple home buying offers,” said Lawrence Yun, chief economist at the NAR.

“Jobs are being added and thereby enlarging the pool of prospective home buyers,” he added. “However, rising mortgage rates and limited inventory have temporarily hindered the possibility of buying for many.”

Market reaction: Stocks were up in early trading on Wednesday. The yield on the 10-year Treasury note was around 4.1%.

Keep reading on Realtor.com.

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As Featured in West + Main Home Magazine: Rising to the Challenge

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Katie Foreman W+M Agent

 

"I have a background in architecture and my husband is a mechanical engineer who grew up doing house projects." said West + Main agent Katie Forman.

 

"It was hard! This was our first house project and we had to learn how to delicately tear up and relay wood flooring, build an island from scratch, move and install all appliances, and sand, prime and paint cabinets after rebuilding them."

 
 

The one thing Katie and her husband hired out was the gas line relocation on the fly! They started demolition before they had anything planned or selected, but had saved inspiration photos on Instagram for about a month.

"We made decisions as they came up and ordered finishes when needed," Katie explained. "We had very limited money for this project, so some of things were limited to what Facebook marketplace had: the white enamel sink, sink faucet and West Elm wall sconces."

 

"We didn’t have much of an ‘original vision’ other than ‘anything else’. We created a vision as we went," said Katie. "Because there was no planning at the time we started demoing, we didn’t know where the project would take us. Each time a design element needed to be chosen, we would look back through our inspo photos and then quickly make a decision that we thought was best. We had a VERY limited budget and decided to wait another year. However, we worked and worked on finding a layout that would let us reuse all the cabinets, the majority of the appliances and the wood floor."

 
 

One night at 11pm, they sat on the couch looking at the wall dividing the living space and kitchen. That night, they tore down the dividing wall…and from there Katie had to scurry to find designs they liked, the finishes and paint colors. Nothing was ordered or planned fully!

"We used a small local company to do the countertops with a lead time of only a few weeks," said Katie. "Everything else was time-dependent on our own work schedules. We did almost the entire kitchen between 9pm-12pm on weeknights once our babe was asleep!"

 
 

KITCHEN REMODEL TOTAL: $8,500

 
 
 

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As Featured in West + Main Home Magazine: A Backyard Pond Renovation

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Corey + Rick, clients of W+M agent Becky Elhardt

 
 

It all started with Corey + Rick inheriting a small pond when they purchased their home with the help of West + Main agent Becky Elhardt. The space was perfect for it, but they wanted a bigger, 7500-gallon hybrid pond instead.

 
 
 
““Be patient, do your research, and remember to have fun - part of the adventure is getting there.””
— Corey

The original pond was small, and they wanted something much larger to house their fish. As the avid do it yourselfers that Corey + Rick are, they quickly jumped onto the project. It started with removing their original pond - digging up some concrete and dirt. From there, the project got much more tedious. It took them lots of trial and error and more professional help than originally intended.

 
 
 
 

They knew they wanted to incorporate lower maintenance, fish and a natural rock infrastructure. However, they didn’t fully realize this would entail a much larger budget. Corey + Rick were lucky enough to have the help of one of their close friends, Craig Gagne of  Gagne’s Concrete. Bringing Craig onto the project was a life saver, as he has “an impeccable attention to detail and commitment to seeing every aspect of the project through to completion and excellence.”

 
 

Corey's favorite moment was watching Rick and Craig transform her backyard into a sandbox playground, gleefully playing with the Bobcats like children. After a much anticipated journey to completion, Corey + Rick have a fully functioning and beautiful koi water garden pond.  

 
 
 

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Just Listed: Urban Living in the Heart of Tech Center at The Promontory Condos!

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Welcome to your dream condo nestled in the heart of the bustling Tech Center!

The Promontory Condo community welcomes you with a secure gated entrance, elevator-equipped buildings, and the convenience of heated underground parking. This spacious 2-bed, 2-bath residence spans a generous 1,975 square feet, offering a canvas for your personal style. The primary bedroom boasts a spacious en-suite bathroom and a walk-in closet complete with built-ins. The second bedroom is versatile, perfect for guests or creating a home office, and it enjoys easy access to an adjacent full bath. Deeded with the condo are two underground parking spaces and a handy storage closet. Indulge in evening sunsets from your expansive west-facing covered patio, overlooking a serene pond and picturesque grounds. As part of the HOA, you gain access to a wealth of amenities including a refreshing pool, clubhouse, and scenic walking trails. Discover the perfect blend of comfort and convenience in this Tech Center haven – your new home awaits!

Listed by Anne Collins for West + Main Homes. Please contact Anne for current pricing + availability.

 
 
 

Have questions?
West + Main Homes
(303) 935-8787
hello@westandmain.com

Presented by:
Anne Collins
720-418-1966
anne.collins@westandmainhomes.com


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Just Listed: Super-Charming Home Just Minutes from Olde Town Arvada

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Super-Charming Home just minutes from everything Olde Town Arvada...great restaurants, pubs, shopping...one of the best downtowns in all of Colorado.

The giant tree in the front yard has street appeal and gives shade cover to much of the house. Walk in the front door to warm wood floors that lead through much of the house and fun decorating that's so inviting, you'll immediately want to plan a dinner/cocktail party! So many great features and great options! 2 separate living room areas and 2 separate bathrooms (a full hall bath and a 3/4 bath in the additional wing) plus 2 separate garages make this a great property for either long-term guests or roommates. The attached garage would also make a great party room!...let your imagination go crazy! And the detached garage is tall...really tall so a great storage option for the extra vehicle, toys or? The kitchen continues with the great-for-entertaining theme and has a petite dine-in area (or maybe a great spot for a coffee bar?) Expand your party to the covered patio and relax in the shade while the pooches and kids play in the back yard or gather round the firepit as night falls for deep conversation and toasted marshmallows. 3 bedrooms offer flexibility for sleeping options, office space or workout room. Besides Olde Town, the location offers easy access to I-70, big box stores, movie theater, The Arvada Center for concerts, plays, etc. This may be the one.

Listed by Rick Oliphant for West + Main Homes. Please contact Rick for current pricing + availability.

 
 
 

Have questions?
West + Main Homes
(405) 652-6635
hello@westandmain.com

Presented by:
Rick Oliphant
303-888-5139
agentoliphant@gmail.com


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