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Tag Archives: Pending-Home Sales

Pending-Home Sales Index Recovers in July: NAR

In another positive sign for the housing sector, the Pending Home Sales Index rose 2.4 percent in July to 101.7, its highest level since April 2010, the National Association of Realtors reported Wednesday. Economists had expected a 1.0 percent increase to 100.3. The July increase more than reversed an unexpected 1.4 percent drop to 99.3 in June. The only negatives in recent reports were a slight drop in housing starts in July and drops in the median price for existing and new homes in July.

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Price Appreciation Looms as Pending-Home Sales Rise in Miami

Following the recent month├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós change in the national Pending Home Sales Index from the National Association of Realtors, pending home sales declined month-over-month in June in Miami-Dade County, but went up year-over-year. While the national index moved down 1.4 percent from May to June, Miami's pending home sales declined 13 percent, according to the association and Miami├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Multiple Listing Services system. Miami├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós change in pending sales year-over-year was also more exaggerated than the change reported in the national index.

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Will Underwater Homeowners Lead to Higher Prices?

Underwater homeowners are contributing to a lower inventory of houses for sale on the market, but according to Capital Economics negative equity will not have a major impact on housing prices. Regardless of the impact of negative equity, both Capital Economics and the National Association of Realtors foresee rising prices in the near future. The percentage of underwater homeowners is falling but remains elevated. CoreLogic said that 11.4 million homeowners were underwater in the first quarter.

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Pending-Home Sales Make Strong Debut in May: NAR

The Pending Home Sales Index rose a strong 5.9 percent in May to 101.1, returning to its level of March, the National Association of Realtors said Wednesday. The index had slipped in April to 95.5 after reaching its highest level since April 2010. The index is up a solid 13.3 percent since May 2011. The report is another in a string of positive signs for the housing sector. Pending home sales are counted when sales contracts are signed, and are viewed as a leading indicator of existing home sales, according to NAR.

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California’s Greatest Obstacle Is Shrinking Inventory

Things are looking up in California. Pending-home sales are continuing to rise on an annual basis; median prices are rising; and equity sales are starting to make up a larger portion of total sales, according to the California Association of Realtors. However, despite the year-over-year gains, April's pending home sales demonstrated a decline from March. Pending-home sales include contract signings but not closings. The index is based on 2008 contract signings with an index score of 100 equaling the average amount of contracts signed per month in 2008. The pending-home sales index for March was revised to 138.9.

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Home Prices Rise for First Time Since March 2010: LPS

Home prices rose by a seasonally adjusted 0.2 percent in February, the first increase since March last year, according to Lender Processing Services. The analytics and data provider said that several other indicators posted solid gains in February. Home prices averaged $195,000, the same as seen in June 2003. LPS also projected a 0.3 percent increase in national home prices on the whole come March. Of 26 metro areas surveyed by LPS and the Labor Department, only cities in California ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô Los Angeles, San Diego, and San Francisco ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô observed price declines.

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Capital Economics Sees Improvement Ahead for Housing

Noting some recent strengthening in demand in the housing market, Capital Economics suggests housing prices "are close to, or already through, their trough," and recovery will continue through the coming months. While acknowledging the decline in home sales in March, Capital Economics├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ó analysts remain optimistic due to the recent increases in pending home sales. The National Association of Realtors' latest Pending Home Sales Index in March reached 101.4, its highest level since April 2010. Recent data on mortgage applications also point toward a strengthening market.

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Affordability, Inventory Improve, Still Shy of Full Recovery

The U.S. housing market continues to trudge down the slow, bumpy road to recovery with a few positive indicators lighting the way. However, a full recovery continues to linger listlessly on the horizon. Obama's Housing Scorecard for April, released jointly by HUD and the Treasury Department, reveals some positive movement in home sales, though prices continue to languish in many markets. Another piece of good news for the market: Housing inventory is now at a sustainable level. The market currently holds a 5.3-month supply of new homes.

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Pending-Home Sales Leap Ahead in March: NAR

The Pending Home Sales Index rose sharply in March to 101.4 from February's revised 97.4, the National Association of Realtors said Thursday. Economists had expected the Index to increase 1.0 percent from February. The index is now at the highest level since April 2010 when it reached 111.3. The index improved for the third straight month and fifth time in the last six month. The March reading is up 12.8 percent from March 2011, the strongest year-over-year gain since last July. The PHSI has been drifting upward, albeit modestly for most of the past two years.

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