Contracts To Buy Homes Fall

For the second consecutive month, contracts to buy homes across the nation fell, according to the National Association of Realtors. The index of sales agreements fell 1.2 percent in August to a reading of 88.6. A reading of 100 is typically what is seen during a healthy housing market. The last time the market saw numbers near 100 was in April of 2010, when the homebuyers tax credit was coming to an end.

The number of contracts signed on homes is an indicator used to determine where the housing market will be in the months to come. There is usually a one-to-two month period of time between when a home contract is signed and the home is closed on.

Many Realtors have also been experiencing canceled contracts in the past few months. Buyers are canceling contracts after home appraisals are coming in showing that homes are worth less than what buyers bid on the home.

The sale of previously occupied homes is higher than last year. However, the sale of new homes fell for the fourth consecutive month.

Contact the Shane T. White Team if you are looking to buy or sell your home. Discover what it is like to work with a team with a real passion for real estate. Contact us today at (512) 515-LAND (5263). We are here for you to help you buy or sell real estate near Austin in the Liberty Hill area, including Leander, Georgetown, Cedar Park, and Bertram.