![]() ![]() Statistical data in this release, as well as other tables and surveys, are posted in the “Research and Statistics” tab. This and other news releases are posted in the newsroom at nar.realtor/newsroom. Information about NAR is available at nar.realtor. View the NAR Statistical News Release Schedule. The next Pending Home Sales Index will be on February 27. NOTE: Existing-Home Sales for January will be reported on February 21. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.Īn index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. The index is based on a sample that covers about 40% of multiple listing service data each month. Variations in the length of the process from pending contract to closed sale can be caused by issues such as buyer difficulties with obtaining mortgage financing, home inspection problems, or appraisal issues. However, the amount of time between pending contracts and completed sales is not identical for all home sales. ![]() Pending contracts are good early indicators of upcoming sales closings. 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. *The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. ![]() The term Realtor ® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors ® and subscribes to its strict Code of Ethics. The National Association of Realtors ® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The South, in particular, is set to outperform the rest of the country, thanks primarily to better job market conditions in this part of the country compared to other regions.” “Job gains will steadily become important in driving local home-sales markets. “The new normal for mortgage rates will likely be in the 5.5% to 6.5% range,” Yun added. The West index advanced 6.4% in December to 58.6, decreasing 37.5% from December 2021. The South PHSI rose 6.1% to 94.1 in December, dropping 34.5% from the prior year. The Midwest index shrank 0.3% to 77.6 in December, a decline of 30.1% from one year ago. The Northeast PHSI dropped 6.5% from last month to 64.7, a decrease of 32.5% from December 2021. “Mortgage rates are the dominant factor driving home sales, and recent declines in rates are clearly helping to stabilize the market.” “This recent low point in home sales activity is likely over,” said NAR Chief Economist Lawrence Yun. An index of 100 is equal to the level of contract activity in 2001. Year-over-year, pending transactions dropped by 33.8%. The Pending Home Sales Index (PHSI) * - a forward-looking indicator of home sales based on contract signings - improved 2.5% to 76.9 in December. regions saw year-over-year decreases in transactions, with the West experiencing the largest decline at 37.5%. The Northeast and Midwest recorded month-over-month reductions, while the South and West posted monthly gains. Pending home sales increased in December for the first time since May 2022 - following six consecutive months of declines - according to the National Association of RealtorsÒ. ![]() Pending sales declined in all regions compared to one year ago.Month-over-month, contract signings fell in the Northeast and Midwest but climbed in the South and West.Pending home sales improved for the first time since May, up 2.5% from November. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |