Pending Home Sales Up Again – South Leads the Pack
May 4th, 2009 Categories: Hamilton Mill, Real Estate Business
Over the past several months, we at Diamond Dwellings have seen a large increase in the amount of pending home sales and along with that a large increase in showings and internet activity on our current inventory.
While this can be partially attributed to the Spring selling season, the number of Buyers that have come to market are now in a buying mode and are ready to buy properties. This is a welcome sign for anyone in the real estate industry and we hope all our local competitors and friends are seeing the same activity as we are.
Now is the time to sell if you are a homeowner that is looking to move up to a larger home. Will you take a “hit” on your current property? Yes, you will, but the savings and appreciation you gain in the new purchase will far outweigh the loss on your current home.
Recent figures from the National Association of Realtors shows continued signs that the current market has bottomed and good things are ahead. Do not miss the chance to get a great deal on a home.
The National Association of Realtors said pending home sales rose from February to March as buyers took advantage of deeply discounted prices and low interest rates.
In the home sales report, the NAR said its seasonally adjusted index of pending sales for previously occupied homes rose 3.2% to 84.6 in March. The index was 1.1% above last year’s levels and has risen two straight months after hitting a record low 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.
“After nearly three years of freefall, housing activity may have found a floor,” wrote Paul Dales, U.S. economist with Capital Economics in Toronto.
Pending sales were up 8.5% in the South and nearly 4% in the West. They fell 5.7% in the Northeast and 1% in the Midwest.
