Reuters reported August 1, 2007 that U.S. pending home sales in June rose five percent, welcome news for a real estate market that has had little to cheer about lately.
"Pending sales of previously owned U.S. homes rose at their fastest pace in more than three years in June, a real estate trade group said on Wednesday, in a hopeful sign for the downtrodden housing market."
The National Association of REALTORS® provided the data.
"It was the first increase in this index since February and was a surprise to economists who forecast that pending home sales would decline by 0.6 percent, according to a Reuters poll."
The pending home sales index offers a good look into home sales moving forward because these pending sales contracts are typically finalized within one or two months.
I am an exclusive buyer agent (and lawyer) in Haverhill Massachusetts. I help consumers buy homes in Essex and Eastern Middlesex counties. For more information visit: http://www.buyersbrokersonly.com
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I think those figures are not as accurate as they may be lead to believe. I wonder if they take in account when listings are re-entered into the MLS just to make it look like they didn't expire or gone in and out of the market. Our market stinks right now and there not many closings or pending sales right now.
When compared on a percentage basis the figures can be somewhat misleading. In our local market, with generally less overpriced inventory adding to the fray (aka expireds) the overall sales seemed to swing upward at about 3.3%.
Clearly, real estate is very local. In Massachusetts, there are cities/towns where home sales are down dramatically and average days on the market have greatly increased; however, in other places home sales are steady. Price increases and declines vary.
In addition, some communities have seen a drop in homes sales, but a small gain in price.
Condominiums also have done well in some areas compared to single-family homes in the same places.
Overall, Massachusetts home sales are down.