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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: Discover Your Dream Home in the Nature-Lover's Paradise of Awbrey Park!

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Situated in a well sought-after neighborhood of Awbrey Park.

Surrounded by nature, parks and trails, this 4,386 ft. home features open concept living, two offices, four bedrooms each with their own full bath, an additional full bath with linen closet, jacuzzi tub, walk in closets, three fireplaces (two gas one wood burning), newer carpet and paint, two new water heaters, central vacuum system (new hoses and accessories), two large living spaces, gourmet kitchen, granite countertops, dream pantry and separate dining. Private deck with natural surroundings. This home is designed for social gatherings and entertainment.

Listed by Roma + Dan Larsson for West + Main Homes. Please Contact Roma + Dan for current pricing + availability.

 
 
 

Have questions?
West + Main Homes
(541) 550-1340
hello@westandmain.com

Presented by:
Roma + Dan Larsson
541-610-3896
teamlarsson@westandmainoregon.com

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Just Listed: A 5-Acre Oasis in Klamath County's Idyllic Countryside!

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Nestled in the trees in Wagon Trail Ranch, just a hair over the County border into Klamath County (where the taxes are lower), you will find this almost 5 acre corner property with a spacious home and a 3 bay shop, carport and additional storage.

Wagon Trail offers a rural setting with terrific amenities, paved roads and snow removal, while only a short distance to stores, lakes, rivers, caves and Mt Bachelor ski resort. A heated community pool and saunas are located in the clubhouse. There is access to the Little Deschutes River for fishing, kayaking and exploring. There are common areas including a horse corral. Enjoy beautiful weather on covered decks at home. The interior has a versatile setup that would allow for working from home, homeschooling, hobby spaces and more.

Listed by Michelle Mertins for West + Main Homes. Please Contact Michelle for current pricing + availability.

 
 
 

Have questions?
West + Main Homes
(541) 550-1340
hello@westandmain.com

Presented by:
Michelle Mertins
541-373-0400
michelle.mertins@westandmainoregon.com

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