Latest From : Atlanta RE 5 by 5 |
| Higher Home Prices Ahead, Says The Pending Home Sales Index Posted: 03 Nov 2009 06:45 AM PST
As reported by the National Association of Realtors®, the Pending Home Sales Index posted its 8th consecutive monthly gain in September. It's the longest winning streak in the history of the index and Pending Home Sales are now at their highest levels since December 2006. A Pending Home Sale is a home under contract to sell, but not yet closed. It's the precursor to an Existing Home Sale. Trade group data shows that nearly 80 percent of "pending" homes close within 2 months. The majority of those remaining close within months 3 and 4. When the Pending Home Sales Index rises, it tells us that market activity has picked up. September's data confirms what we've been noticing since February -- the Buyers Market is ending. With more homes under contract in the marketplace, homebuyers typically face one or more of the following: 1. Competitive, multiple-offer situations Therefore, if you're buying a home in the next several months, know that the 8-month run in Pending Sales will lead to a run in closed sales. It should result in higher home prices, too Indeed, we're already seeing it.  |
The housing market continues to steam forward.| You are subscribed to email updates from Atlanta Real Estate -- Peter Bright, Mortgage Blogger To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
No comments:
Post a Comment