PENDING HOMES SALES ON THE UPSWING

By
Real Estate Agent with COLDWELL BANKER/PRINCETON

This is encouraging news reported today by RISMEDIA - ...The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7% to 114.1 from 110.0 in September, and is 31.8% above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.

Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. "Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus," he said. "This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future...


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Topic:
ActiveRain Community
Groups:
Realtors®
Tags:
pending home sales
housing inventory
housing slump
housing stimulus plans
national association of realtors
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Rainer
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Larry O. Blinn
Century 21-Alliance

Gloria:

That certainly is great news. Thanks for sharing that information.

December 02, 2009 09:15 AM
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Rainer
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Gloria Laughton Allston

GREEN, SFR
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