In 2009 San Diego Home Buyers are getting on board with the program. According to the National Association of Realtors many home buyers are out buying homes. Pending home sales has increased which is a great sign for the U.S. Real Estate Market. Pending home sales are measured by the Pending Home Sales Index which is a forward looking indicator based on purchase contracts signed in December. The index for December 2008 rose 6.3% over the November 2008 reading and this is 2.1% higher than December 2007. In the west we are seeing a17.5% higher number than the same month last year.
NAR states that the Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. 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.
NAR – National Association of Realtors stated that the improved affordability conditions such as low interest rates and cheaper homes were a factor to the increase in pending sales. Another great statistic for December 2008 was that the Housing Affordability Index rose to 10.9 %. NAR stated it was the highest on record. This is a very positive trend going into 2009.
Many areas of San Diego and Chula Vista have seen a jump in pending sales in early 2009. I have also been getting many more phone calls and emails from people wanting to buy a home in 2009. If you are ready to buy a home in 2009 please give us a call.
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All information is believed to be correct but not guaranteed.
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