by Scot Campbell – Source National Assn. of Realtors, February 27, 2012
According to the National Associations of Realtors, Pending Home Sales are on an upward trend.
Pending sales reached a cyclical low last April, and are well above a year ago, according to the Pending Home Sales Index*.
The index is a forward-looking indicator based on contract signings, rose 2.0 percent to 97.0 in January from a downwardly revised 95.1 in December and is 8.0 percent higher than January 2011 when it was 89.8. The data reflects contracts but not closings.
The January index is the highest since April 2010 when it reached 111.3 as buyers were rushing to take advantage of the home buyer tax credit.
Lawrence Yun, NAR chief economist, said this is a hopeful indicator going into the spring home-buying season. “Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year. With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations.”
The Pending Home Sale Index in the Northeast rose 7.6 percent to 78.2 in January and is 9.8 percent above a year ago. In the Midwest the index declined 3.8 percent to 88.1 but is 10.8 percent higher than January 2011. Pending home sales in the South increased 7.7 percent to an index of 109.1 in January and are 10.5 percent above a year ago.
However, in the West Region the index fell 4.4 percent in January to 101.9 but is 0.7 percent above January 2011.
On a more local level, Closed Sales of homes in Huntington Beach in January were up 16.7% in 2012 compared to the same period in 2011.
Read the details at my previous blog post: http://www.realtydigestblog.com/2012/02/06/hows-the-huntington-beach-market-for-single-family-homes/
For questions about buying and selling real estate in Orange County, contact Scot Campbell. He is the President of The Scot Campbell TEAM at Coldwell Banker-Campbell Realtors in Huntington Beach, CA. He has been a licensed broker for over 21 years and has brokered over 1000 homes and just about every type of transaction imaginable. Read his profile and client reviews at www.ScotCampbell.com He can be reached at 714-960-0700 at the office, 714-336-0394 on his mobile number or via email at Scot.Campbell@ColdwellBanker.com