The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in July, rose 3.2 percent to 97.6 (the highest level since June 2007) from 94.6 in June. Analysts polled had forecast pending home sales to rise 2 perent in July. Pending sales were 12 percent higher in July from the same period last year. There is a one to two month lag between a contract and a done deal, so the index is a barometer of how sales completed this month and next will turn out.
Archive for August, 2009
July pending home sales rise to 2-year high
Monday, August 31st, 2009Steady as she goes……
Friday, August 14th, 2009June was ‘bustin’ out all over…now July indicates that we have slow but steady growth which is preferable to peaks & valleys (the extremes). I am seeing a slight improvement across the board. Days on the Market dropped slightly. Average List Prices rose nominally.
July 2009 Market Statistics
Saturday, August 1st, 2009Local Areas & All of Chester County
Jean’s July Analysis
June was ‘bustin’ out all over…now July indicates that we have slow but steady growth which is preferable to peaks & valleys (the extremes). I am seeing a slight improvement across the board. Days on the Market dropped slightly. Average List Prices rose nominally.
Home prices post their first monthly gain in 3 years
Saturday, August 1st, 2009The Standard & Poor’s/Case-Shiller index, which measures movement of home prices in 20 major cities, rose 0.5% in May from April, the first monthly gain since June 2006. Analysts say that the housing market is showing signs of stabilization. “The housing market looks like it has found a floor and we may be on the way to some kind of gradual improvement,” said Ken Mayland, president of ClearView Economics. “After three years of this nasty housing recession, I think we’ve got to be pleased with such an improvement in a relatively short period,” said Harm Bandholz, economist at UniCredit Research.
Analysts feel that unless there is improvement in employment, home prices will not rebound. According to the Federal Reserve, household net worth dropped by $13.9 trillion in the first quarter of this year due to a drop in home prices and stocks. Homebuyers’ confidence has been hit and many have deferred their decision to purchase homes. “We are preparing for this recovery to take a while to pick up steam,” said Frits van Paasschen, chief executive officer of Starwood Hotels & Resorts, the third-largest U.S. lodging company.
