Thursday, July 23, 2009
Exisiting Home Sales Continue to Rise
I just wanted to share this article recently published by NAR (National Association of Realtors)
Pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of Realtors®.
The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in May, increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004.
As you can see, it does seem like the market is starting to rebound. It's important to note that these sales are most likely a result of lower sale prices, but is a clear indicator that people are starting to buy homes again.