Pending Home Sales Rise Again!

Pending Home Sales Rise Again
Daily Real Estate News Thursday, December 29, 2011
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Pending home sales continued to gain in November and reached the highest level in 19 months, according to the National Association of REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 7.3 percent to 100.1 in November from an upwardly revised 93.3 in October and is 5.9 percent above November 2010 when it stood at 94.5. The October upward revision resulted in a 10.4 percent monthly gain.
The last time the index was higher was in April 2010 when it reached 111.5 as buyers rushed to beat the deadline for the home buyer tax credit. The data reflects contracts but not closings.
Lawrence Yun, NAR chief economist, said the gains may result partially from delayed transactions. “Housing affordability conditions are at a record high and there is a pent-up demand from buyers who’ve been on the sidelines, but contract failures have been running unusually high,” he said. “Some of the increase in pending home sales appears to be from buyers recommitting after an initial contract ran into problems, often with the mortgage.
“November is doing reasonably well in comparison with the past year. The sustained rise in contract activity suggests that closed existing-home sales, which are the important final economic impact figures, should continue to improve in the months ahead,” Yun added.
Pending home sales are not affected by the recently published rebenchmarking of existing-home sales because the index uses a different methodology based directly on contract signings, and is adjusted for seasonality.
The PHSI in the Northeast rose 8.1 percent to 77.1 in November but is 0.3 percent below November 2010. In the Midwest the index increased 3.3 percent to 91.6 in November and is 9.5 percent above a year ago. Pending home sales in the South rose 4.3 percent in November to an index of 103.8 and remain 8.7 percent above November 2010. In the West the index surged 14.9 percent to 121.2 in November and is 2.9 percent higher than a year ago.
Source: NAR

Summer time...

Wow what a busy season! Kids are out of school and families are on the move! Summer is the most active real estate season.
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Owe too much on your home to sell it???

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It's a great time to sel!

The "market" is definitely picking up. My phone has been ringing and keeping me busy. The buyers are starting to understand that these low interest rates and high home inventory are not going to last forever.
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Sales are up!

According to the NAR real estate sales were up for the past 3 months. I am feeling it in my business - my phone has been ringing like crazy! Of course, that's a good thing :-> Keep the calls coming!
I wrote my first offer of 2011 on New Year's Day...hoping that is a sign of what's to come this year.
I know there is still skeptism in the market place - there always is! There's always going to be that guy that thinks the whole world is out to get him and that guy will taint many people around him.
Wake up folks! Interest rates are at historic lows and they won't stay there forever. House prices are at historic lows and they won't stay there forever. Interest rates, real estate, the stock market, "the market"....it's all cyclical. Housing prices and interest rates will go back up and many people will be sitting around wishing they would have jumped on the wagon while they could. Don't be one of those folks!
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