Pending Home Sales Slide
Pending Home Sales
The National Association of Realtors reported today that US pending home sales were off for a second straight month in September.
Bob Schwartz, San Diego real estate broker
What’s being reported here our statistics for pending existing home sales, also commonly referred to as resales. Once in existing home sale as an accepted contract, but prior to the actual closing, it is considered a pending home sale.
For September the decline in pending existing home sales was 2.3% when compared to August 2015. This marks the third month to month drop for home resales so far this year.
It seems the majority of US housing market analyst were surprised by this drop as their prior consensus was that this number would rise by a modest .6%.
When we move from pending existing home sales to actual closed home sales, the actual home sales figure is up 3% on a year over year basis.
Also the national Association of Realtors reported that the share of first-time homebuyers dropped for the third consecutive year to a level not seen since 1987!
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