Thursday, August 30, 2012

NAR Pending Home Sales Rise 12.4% in July

The July 2012 Pending Home Sales Index of the National Association of Realtors was released August 29.

The Index tracks the number of properties under contract nationwide and by region. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

Lawrence Yun , NAR chief economist, said the index is at the highest level since April 2010, which was shortly before the closing deadline for the home buyer tax credit. "While the month-to-month movement has been uneven, more importantly we now have 15 consecutive months of year-over-year gains in contract activity," Yun said.

  • Annually: contracts increased 12.4% over July 2011
  • Monthly: contracts rose 2.4% from June to July

  • Northeast - July pending home sales were 13.4% higher than a year ago
  • Midwest - the index is 20.2% above July 2011
  • South - contracts are 15.6% above a year ago
  • West - the index rose 1.3% higher than July 2011

The Pending Home Sales Index has continued to show a steady increase in contracts activity in 2012.

  • June 2012 - contracts advanced 9.5% over June 2011
  • May 2012 - contracts rose 13.3% over May 2011
  • April 2012 - contracts increased 14.4% over April 2011
  • March 2012 - a rise of 12.8% was reported over March 2011
  • February 2012 - contracts jumped 9.2% over February 2011
  • January 2012 - rose 8% over January 2011

Existing-home sales are projected to rise 8 to 9% in 2012, followed by another 7 to 8% gain in 2013. Home prices are expected to increase 10% cumulatively over the next two years.

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

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