In July, the third time this year, the Pending Home Sales Index crossed its benchmark value of 100, moving to 101.7. A "pending home sale" is a home under contract to sell, but not yet sold. Data for the index is collected by the National Association of REALTORS® and published monthly. The rise in July's Pending Home Sales Index reading is important for two reasons -- both of which highlight a U.S. housing market in recovery. Buyer and sellers in Phoenix and across the country would do well to pay attention. First, the Pending Home Sales Index is at its highest point since April … [Read more...]
Existing Home Sales Rise To 4.47 Million
Home resales climbed 2% last month as the housing market continues its measured, steady recovery. According to the National Association of REALTORS®, Existing Home Sales rose to 4.47 million units in July on a seasonally-adjusted, annualized basis. An "existing home" is a home that cannot be classified as new construction and, despite a reduction in the national homes inventory, the number of previously-occupied homes sold in July was higher by 10% as compared to one year ago. The Existing Home Sales also reported the folliowing : First-time buyers accounted for 34% of all … [Read more...]
Case-Shiller Index Shows Home Values Rising Nationwide
According to the S&P/Case-Shiller Index, home values rose 2.2% nationwide, with all 20 tracked markets making month-to-month improvement. On an annual basis, 17 of the 20 Case-Shiller Index markets improved. Despite the positive report, however, our enthusiasm for the May Case-Shiller Index should be tempered. This is because the index's methodology is less-than-ideal for today's Phoenix home buyer. There are three main reasons why : The Case-Shiller Index tracks values for single-family homes only The Case-Shiller Index is distorted by distressed, discounted home sales … [Read more...]
Pending Home Sales Index Falls Just Short Of 100
Home sales appear headed for a mid-summer breather. One month after posting a multi-year high, the Pending Home Sales Index retreated to 99.3 in June -- a strong reading in its own right. A "pending home sale" is a home that is under contract to sell, but not yet sold. June's value of 99.3 marks the 14th consecutive month during which the index showed year-to-year gains. Last year in June, the index read 90.7. For home buyers in Phoenix and nationwide, the 14-month winning streak is one worth noting -- specifically because the Pending Home Sales Index is different from the other housing … [Read more...]