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Pending Homes Sales At Their Highest In 18 Months
Even in the midst of a low-inventory housing market, buyers have managed to push through and drive up the level of pending home sales to their highest point since August 2013.
According to the National Association of Realtors®, the Pending Home Sales Index is showing five consecutive months of improving housing conditions. A property is marked pending only after all contingencies are met. For measuring home sales, the pending status is the next best indicator to closed. That pending home sales climbed 1.78% in January to 104.2 means that 2015 is starting 8.4% above last year.
“This bodes well for higher sales in February and March, making it a very attractive time to sell, since prices have risen at an accelerating pace in recent months,” said Jonathan Smoke, chief economist at realtor.com®. “For buyers we continue to encourage you to start early but be patient as it may take time to find a home that fits your needs well.”
Supply may be tight and prices may be up, but buyers are securing what they can.
“However, the pace will greatly depend on how much upward pressure the impact of low inventory will have on home prices. Appreciation anywhere near double digits isn’t healthy or sustainable in the current economic environment,” said Lawrence Yun, chief economist at NAR.
With low interest rates, new low-downpayment mortgage options available, higher employment, and record-breaking rents across the country, it’s no wonder why buyers are snatching up houses. Owning where you live is the best way to control your living expenses. With a fixed-rate 30-year mortgage, you know what your payment will be every month without fear of annual rent increases.
Given the high employment rates in the South, pending home sales increased 3.2% to an index of 121.9—the highest level since April 2010. There, pending home sales are 9.7% higher now than this time last year.
Likewise, the index rose 2.2% in the West to 96.4, which is a whopping 11.4% above a year ago.
Only the Midwest saw declines in pending home sales, falling 0.7% to 99.3 in January. However, sales in the Midwest are still 4.2% above January of last year. In the Northeast, pending sales were flat at 0.1% to 84.9 in January, which is still 6.9% above a year ago.
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My name is Michael Ross Steffen. I’m an Exit Realty Cherry Creek Agent in the Denver metro area and Team Leader For Generation Property Group! We specialize in advanced Internet marketing, buying, s....