Pending Home Sales Up
San Diego downtown condo
The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in June, rose 3.6 percent to 94.6. It was the fifth straight month of advance and the first such streak in six years, the industry group said.
In the West, the index rose 2.9 percent to 100.4, but was 0.2 percent below June 2008.
Lawrence Yun, the National Association of Realtors chief economist said: “Because housing is so affordable in today’s market, job security and the first-time buyer tax credit are bigger factors in influencing home sales. It appears home sales are on a sounder footing and inventory is gradually being absorbed.”
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I am surrounded by folks who think this is the time to buy. Just like I was 3 or 4 years ago. Based on home price fundamentals – I don’t see any possibility of a bottom for YEARS. Here, inventory is growing as foreclosures outpace sales.
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It’s probably not a plateau .. but rather just timed to the month in which the original sale occurred. Fewer sales around Christmas holidays, more as the school year ends and families made the move into a different home.
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