Pending Home Sales Up for 6 Months in a Row

September 3, 2009 by Scott Smolen · Leave a Comment
Filed under: ScottSays 

In another sign that the housing market has hit bottom and rebounded the Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2% to 97.6 from a reading of 94.6 in June, and is 12.0% higher than July 2008 when it was 87.1. The index is at the highest level since June 2007 when it was 100.7. 6 months of increasing contract activity shows us that there is a very good chance the bottom of the market occurred prior to this rebound. Nobody will know for sure until more time goes by, but the astute consumer should take note.

Tags:

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!

  • Scott Says...

    Since March, things have improved in the housing market. There are signs that the housing market is getting back on its feet -- or at least, declining less slowly. Existing home sales recently registered their biggest gain in more than a decade. Seasonally-adjusted single-family building permits are up 27% since bottoming in March, while single-family housing starts have increased five straight months and are up 36% since March.Interest rates have remained low as well. Freddie Mac said that the 30-year fixed mortgage rate fell to 5.12% last week, and the 15-year rate is now down to just 4.56%. With lower prices and very low mortgage rates, housing affordability hasn't looked so good in many years.This combination of improved sales and low interest rates should continue to eliminate the inventory supply. This will happen with more sales of homes and Realtors and loan officer’s alike need to be positioned to capture as much of that business as possible moving forward.

    • Ed Says...

      In only two years, the iPhone has dramatically transformed the mobile web. There's a tendency toward touchscreen devices for mobile web browsing; the iPhone has already claimed 50% of mobile web traffic. Google's Android OS was the only other platform gaining with 5%.Sadly, Palm continues its downward spiral. Scott needs something more modern and respectable - a BlackBerry, perhaps. Someone please pick him up off the floor![AdMob via mocoNews.net]