Last week we discussed a potential silver lining in the condominium market. Well today I have more encouraging news to share.
Following the expiration of the home buyer tax credit, we saw a significant drop in pending home sales. This led to concern not only for Florida realtors but also for homeowners that have properties for sale on the market.
The National Association of Realtors recently released the Pending Homes Sales Index, which shows considerable improvement in pending home sales. I’m sure this modest uptick is welcomed news throughout Florida.
According to NAR‘s website, “the Pending Homes Sales Index is a report that is released during the first week of each month. The index measures housing contract activity. It is based on signed real estate contracts for existing single-family homes, condos and co-ops. A signed contract is not counted as a sale until the transaction closes. Modeling for the PHSI looks at the monthly relationship between existing-home sale contracts and transaction closings over the last four years.”
Do you have any silver lining real estate news you want to share with us? Tell us in the comments section below.
Tags: NAR, National Association of Realtors, Pending Home Sales Index
