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Leap in pending U.S. home sales
Date:-05-Aug-2011
Leap in pending U.S. home sales
Pending U.S. home sales in May, a forward-looking indicator based on contract signings, are 13.4% above what they were a year ago, suggesting that housing activity will increase during the second half of the year, according to the latest figures released by the National Association of Realtors (NAR).
The Pending Home Sales Index rose 8.2% to 88.8 in May from an upwardly revised 82.1 in April. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalised within one or two months of signing. Increased pending sales are an indication of increased future sales.
With many leading economists projecting that U.S. home prices will bottom out this summer before gradually starting to increase in 2012, it would appear that more people think that now is the time to buy property in USA.
Lawrence Yun, NAR Chief Economist, commented: “Absorption of inventory is the key to price improvement, and this solid gain in contract signings implies that home values in many localities are or will soon be stabilizing as inventories get absorbed at a faster pace.”
He added: “Some markets have made a rapid turnaround, going from soft activity to contract signings rising by more than 30% from a year ago, including areas such as Hartford, Conn.; Indianapolis; Minneapolis; Houston; and Seattle.”
There are signs that Florida property sales are continuing to improve. Total current cumulative pending home sales - including single-family homes and condominiums - in Broward County, for example, are 4.8% above what they were a year ago, up from 8,031 to 8,413, according to the 24,000-MIAMI Association of REALTORS and the local MLS systems.
