Pending Homes Sales Have Risen Nationwide

According to the National Association of Realtors, pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the latest survey. The Pending Home Sales Index increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2. Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. “Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” he said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.

Article and information courtesy of National Association of Realtors. For the complete article, please email me your request at renee@prucdm.com.

Renee West
Connect on

Renee West

Broker Associate at Villa Real Estate
I'm a real estate broker associate in Newport Beach & Corona del Mar, CA, with Villa Real Estate.
Contact me at (714) 914 9060 or rwest@villarealestate.com for all your real estate wants and needs.
Renee West
Connect on
Facebook Twitter Email Linkedin Stumbleupon Digg Delicious Yelp

Leave a Reply