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...]
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...]
Existing Home Supply Ticks Higher To 6.6 Months Nationwide
Home resales slipped more than 5 percent last month, putting a damper recent housing market enthusiasm. According to the National Association of REALTORS®, Existing Home Sales fell to 4.37 million units in June 2012 on a seasonally-adjusted, annualized basis. This is 250,000 fewer home sales per year as compared May's figures which NAR has revised 2 percentage points higher. The pace at which homes are selling has slowed, too. As compared to May, the Existing Home Supply rose 0.2 months. At the current pace of sales nationwide, the national home supply would now be exhausted in … [Read more...]