Pending Home Sales Favorable

Hello All,

This Morning the Pending Home Sales Number came out. This statistic comes out on the first week of every month and measures the number of homes that are "pending" sale, in other words, under contract.

In the month of April, Houses that were under contract in the United States rose to 90.3 which is up 6.7% from last month. A score of 100 is average activity from 2001-2004.

What this means is that the buyers are out in full force and are putting homes under contract. It is believed that buyers are really taking advantage of the $8,000 tax credit and understanding that in order to receive it, they must close on their house before December 1st 2009.

The really good news for us in the Northeast Market is that Pending Home sales rose 32.6% in the month of April to 78.9. Although 78.9 is well below the average of 100, the increase of 32.6% is significant! We are seeing a lot of activity and the likelihood of it continuing is great.

If you have any questions or want to discuss, shoot me and email or give me a call direct.

Thanks