Pending Home Sales Slip In September

The National Association of Realtors’ Pending Home Sales Index dipped 1.8 percent based on signed contracts in September. The drop follows two month of gains and puts the index 24.9 percent below last year’s levels, when first-time buyers were rushing to take advantage of the tax credit before its initial deadline last November. Lawrence Yun, NAR’s chief economist, said the foreclosure moratorium is likely to cause some disruption in sales numbers but he believes there will be a surge of pent-up demand once the banks resolve their issues. More here and here.

Filed under: Uncategorized, Foreclosures, Housing Market, News, Pending Sales, Real Estate, Sales, Tax Credit, Trends

Pending Home Sales Jump 4.3 Percent In August

The National Association of Realtors’ Pending Home Sales Index, an indicator of future existing-home sales, rose 4.3 percent in August. Lawrence Yun, NAR’s chief economist, said the data is consistent with a gradual improvement in sales over the next few months. Affordability and low mortgage rates appear to be bringing buyers back to the market, Yun said. Pending sales were strongest in the South, where they were up 6.7 percent, and the West, where they rose 6.4 percent. More here and here.

Filed under: Uncategorized, Existing Home Sales, Housing Market, News, Pending Sales, Real Estate, Sales, Trends

Pending Home Sales Rise Unexpectedly

The National Association of Realtors’ Pending Home Sales Index rose 5.2 percent in July but is still 19.1 percent below last year’s level. The data reflects signed contracts, not closings, and is considered an indicator of future existing-home sales. Lawrence Yun, NAR’s chief economist, said the housing recovery looks to be a long process. Yun believes home sales will remain soft in the months ahead and feels conditions will continue to benefit buyers through the end of the year. More here, here, and here.

Filed under: Uncategorized, Existing Home Sales, Housing Market, News, Pending Sales, Real Estate, Trends

Pending Sales Drop In June

The National Association of Realtors’ Pending Home Sales Index shows a 2.6 percent drop in contracts signed during the month of June. The decline follows a 30 percent drop in May and puts the index 18.6 percent below June 2009. Lawrence Yun, NAR’s chief economist, expects a couple more months of slow sales activity before it picks up later in the year. Yun said he believes interest rates will remain historically low for the rest of the year but, ultimately, the housing recovery is dependent on stronger job creation. More here, here, and here.

Filed under: Uncategorized, Housing Market, Interest Rates, News, Pending Sales, Prices, Real Estate, Trends

Pending Home Sales Drop 30 Percent In May

According to The National Association of Realtors’ Pending Home Sales Index, the number of signed sales contracts dropped 30 percent in May. The plunge follows three months of gains driven by the homebuyer tax credit. Year-over-year, the index was down 15.9 percent. Lawrence Yun, NAR’s chief economist, blamed the sharp decline on the rush to meet the tax credit deadline in April. Yun expects June’s existing-home sales to remain elevated but to drop significantly in July and August. More here, here, here, and here.

Filed under: Uncategorized, Federal Programs, Housing Market, News, Pending Sales, Real Estate, Tax Credit, Trends

Pending Home Sales Up For Third Straight Month

Buyers looking to capitalize on federal tax incentives sent pending home sales to their highest level since October. According to The National Association of Realtors, pending home sales were up 6 percent in April and 22.4 percent higher than last year. Lawrence Yun, NAR’s chief economist, said the home buyer tax credit brought nearly one million additional buyers into the market and feels housing is now in good position to return to sustainable levels even without government stimulus. More here, here, and here.

Filed under: Uncategorized, Federal Programs, Housing Market, News, Pending Sales, Real Estate, Sales, Trends

Pending Home Sales Reach Five-Month High

According to The National Association of Realtors’ Pending Home Sales Index, sales agreements for previously occupied homes rose 5.3 percent to 102.9 from 97.7 in February. It’s the highest level since October and 21.1 percent above March 2009. Lawrence Yun, NAR’s chief economist, said affordability and the home buyer tax credit have combined to produce a surge of spring home sales. Yun believes sales will drop in the months ahead but will likely become self-sustaining if the economy adds jobs in the second half of the year. The Pending Sales Index is a leading indicator for the housing market. More here, here, and here.

Filed under: Mortgage Banking News, Housing Market, News, Pending Sales, Real Estate, Tax Credit