The Pending Home Sales Index surged 10 percent in October as low mortgage rates and low home prices spurred buyers into action. The market looks different today, however.
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From the category archives:
Pending Home Sales
So long as mortgage rates remain rock bottom, the autumn season is looking like a terrific time to buy.
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Overall, buyers are being drawn into housing by low mortgage rates, affordable homes, and ample supply. If the August Pending Home Sales Index is foreshadowing the fall housing market, home prices appear slated to rise.
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Just one week after reports of Existing Home Sales and New Home Sales plunging, the housing market signaled that the next few months may fare better than did May and June.
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June’s Pending Home Sales Index is weak by most measures, but if you’re a home buyer, the headlines aren’t so bad. Fewer home sales can push negotiation leverage to the buy-side of a transaction.
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On the surface, May’s Pending Home Sales Index looks terrible for housing. And, if you’re a seller, it just might be. But, if you’re a buyer, the story reads differently. Just consider the market conditions.
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April marks the third straight month that pending home sales are up and today’s buyers should take note. This is because, according to the National Association of Realtors®, 80% of homes under contract close within 60 days.
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Today’s home buyers should consider making offer sooner rather than later. Looking at the data, it appears the best time to have found a “deal” on a home may have been in February.
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As expected, the Pending Home Sales shot higher in February, boosted by the federal home buyer tax credit’s April 30 deadline.
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Fewer homes went under contract in January as the housing market continues to limp through the winter months. According to the National Association of Realtors®, the Pending Home Sales Index fell to its lowest level in 3 quarters this January. By contrast, in October 2009, the index had touched a 3-year high.
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