Pending Home Sales Jump 8.2%
home sales
The National Association of Realtors (NAR) in it’s just released report said its pending home-sales index rose to 97.6 from a downwardly revised 90.2 reading in January.
“Pending home sales rose in February, potentially signaling a second surge of home sales in response to the home-buyer tax credit,” the NAR said.
Pending Home Sales Rise in December
home sales
NAR’s Pending Home Sales Index (PHSI) increased 1 percent to 96.6 in December from 95.6 in November, and is 10.9 percent higher than December 2008’s 87.1 index reading. Although the index declined 3.8 percent to 119.9 in the West, which includes California, it is 18.64 percent higher than December 2008.
“For several months now we’ve been seeing stabilization in all of the home price measures as inventory is pulled down,” said NAR Chief Economist Lawrence Yun. “As a result, the housing wealth for many middle class families has begun to stabilize.”
San Diego Realtor
Pending Home Sales Fall 16%
home sales
The National Association of Realtors said its seasonally adjusted index of sales agreements fell 16 percent from October to a November reading of 96. It was the first decline following nine straight months of gains and the lowest reading since June. The drop was far larger than the 2 percent expected from economists surveyed by Thomson Reuters, and analysts were surprised. “This was bound to happen at some point, although not by this much,” wrote a startled Jennifer Lee, senior economist with BMO Capital Markets. “Gulp,” she added. Read more 
Pending Home Sales Jump
Home sales
The National Association of Realtors reported today that its index tracking pending home sales jumped a seasonally adjusted 3.7% to read 114.1 in October, marking nine consecutive months of rising sales. Analysts had expected pending home sales to slump by 1%. Read more
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.”
January Pending Home Sales Fall to Record Low – But, Up in West
The National Association of Realtors reported today that seasonally adjusted index of pending sales contracts fell 7.7 percent to 80.4 in January.
The index, which started in 2001, tracks signed contracts to buy previously owned homes. Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future home sales.
Here in the West, due to bank foreclosures, the index was up more than 2 percent from December. Some think the foreclosure sales are way below the real home market values. However, as sales activity shows, it would seem to indicate that the market place is working, and the foreclosure sales ARE the true home market values! Just ask anyone trying to sell a home in San Diego that is not a foreclosure or short sale!
San Diego downtown real estate
Recent Related Posts:
HOME EQUITY CASH-OUT AT EIGHT-YEAR LOW
New Home Sales Drop to New Low Record
Existing Home Sales & Values Drop in January
Home Sales Index Falls To Lowest Level Ever!
The National Association of Realtors reported today that their Pending Home Sales Index, based on contracts signed in November, dropped 4.0 percent to 82.3, the lowest level since the series started in 2001. Lawrence Yun, NAR chief economist said: "Mounting job losses and very weak consumer confidence deterred home buyers from signing contracts in November. December's housing market activity could be comparably lower due to ongoing problems in the economy."
November's reading was 5.3 percent lower than a year-ago and October's pending home sales index was revised down to 85.7. San Diego real estate agents
Related other blogger’s posts:
Economic Slump Weakens Pending Home Sales – Wall Street – The current index is the lowest since the series began in 2001. I'll just repeat my comment from last month: Existing home sales have been boosted by all the distress sales in low priced areas. Over time, as foreclosure activity shifts …
TheStar.com | Business | U.S. pending home sales plunge to record low – So November's decline foreshadows bleak results for December's existing home sales numbers, set to be release Jan. 26. Sales contracts fell around the country, but were weakest in the Northeast and Midwest. The Realtors' index was down …
Pending home sales index down 4% in November – MarketWatch – The index, which is considered a leading indicator of existing home sales, was down 5.3% from the prior year. Pending home sales in November fell in all four regions, with declines of 7.2% in the Northeast, 6.7% in the Midwest, …
Pending Home Sales Index Collapses | The Big Picture – PHSI, Annual % Change, 2002 – 09 > The Pending Home Sales Index fell 5.3% below November 2007 when it was 86.9, based on contracts signed in.
Another Look at the June Rise in Pending Home Sales
On a year-over-year basis, pending home sales are DOWN 12.3 percent. The real key for the San Diego housing market is NOT home sales, but, home prices! To me, today's San Diego anemic housing activity indicates that home prices will continue their fall and even accelerate in Winter as home prices approach 50% of their 2005 highs in many communities. San Diego income property sales
The number of existing homes entering the purchase contract stage during June rose 5.3 percent after a downwardly revised decline of 4.9 percent in May. Sounds good at first blush, but, in San Diego and most other housing bubble areas, it is estimated that One-third of all home sales are now distressed properties.
Pending home sales in May – third-lowest reading on record
The National Association of Realtors just reported that pending sales for existing homes fell 4.7% in May 2008. This marks the third lowest reading on record in May.
Home sales are considered pending when the seller has accepted an offer, but the deal has not yet closed. Typically there is a one- to two-month lag before a sale is completed.
"The overall decline in contract signings suggests we are not out of the woods by any means," NAR Chief Economist Lawrence Yun said in a statement. San Diego California real estate blog