Pending Home Sales Rising

In addition to watching our mls system and looking at a lot of homes around town, I get a LOT of email and blog updates to help keep an eye on the real estate market. While I firmly believe there is no way for anyone to give a “one size fits all” answer to the market, it is interesting to watch trends. In my opinion, you need to look closely at a specific neighborhood before making a sound decision on buying or selling. I am enclosing material from an email that was sent to me this morning.

Pending Home Sales on a Record Roll

WASHINGTON (September 1, 2009) Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007 when it was 100.7.

NAR’s Housing Affordability Index stood at 158.5 in July, below the peak set in April but is still 36.0 percentage points higher than a year ago. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.

Not all areas and price ranges are seeing the same fluctuations in pricing, availability and sales. If there is an area you are interested in or if you have seen a “for sale” sign that you want to know more about, “Just Call Nick!” I’ll be glad to help…