Was The Pending Home Sales Report Really That Bad? It Depends Who You Ask — Buyer Or Seller.
July 12th, 2010 categories: Pending Home Sales
The Pending Home Sales Index plunged in May 2010, just one month after the expiration of the federal home buyer tax credit program.
The Pending Home Sales Index is now at a record-low level.
A “pending home sale” is an existing home under contract to sell, but not yet closed. According to the National Association of Realtors®, 80 percent of homes under contract close within 60 days.
Because of this timeline, we can expect the summer’s Existing Home Sales to be weak, too. With fewer homes going under contract, fewer homes can close.
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Pending Home Sales Data Shows Great Deals On Homes Are Getting Harder To Find
June 3rd, 2010 categories: Pending Home Sales
The Pending Home Sales Index shot higher in April as low mortgage rates and a soon-to-expire federal tax credit spurred home buying in Farragut and across the county.
A “pending home sale” is a home that’s under contract to sell but not yet closed.
Region-by-region, April’s pending home sales varied versus March’s data:
- Northeast Region: +29.5%
- Midwest Region : +4.1%
- South Region : -0.6% (after a +15.9% posting in March)
- West Region : +7.5%
On an annual basis, the Pending Home Sales Index is higher by 22 percent.
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Knoxville TN Pending Home Sales Soar In February
April 7th, 2010 categories: Buyers, Market Trends, Pending Home Sales, Sellers, Statistics
As Expected Buyers Are Out In Force In Knoxville TN and Other Areas Around The Country..
Home buyers have been out in force in Knoxville and other areas around the country taking advantage of the tax credit and low interest rates.
As expected, the Knoxville TN Pending Home Sales shot higher in February, boosted by the federal home buyer tax credit’s April 30 deadline.
Versus the month prior, February’s index rose 8 percent but remains well off the highs set last October.
For today’s home buyers and seller, the Pending Home Sales Index is an important measurement. This is because a “pending home” is a property that is under contract to sell, but not yet closed.
According to the National Association of Realtors®, 80% of homes under contract close within 60 days, historically. Therefore, a higher Pending Sales figure in February projects that April’s Existing Home Sales will be higher, too.
If you’re a Knoxville home buyer today, no doubt you’ve noticed the extra market activity.
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Pending Home Sales Drag In January, But Should Rebound For Spring
March 5th, 2010 categories: Pending Home Sales
Fewer homes went under contract in January as the housing market continues to limp through the winter months.
According to the National Association of Realtors®, the Pending Home Sales Index fell to its lowest level in 3 quarters this January. By contrast, in October 2009, the index had touched a 3-year high.
The Pending Home Sales Index measures the number of homes that have gone under contract to sell, but have yet to close nationwide. It’s compiled using data from more than 100 regional listing services and 60-plus brokerages — the sample set encompasses 20 percent of all home resales in a given month.
Economists have come to rely on the Pending Home Sales Index because of its high correlation to actual home sales. 80% of all home marked “pending” close within 60 days. Many of the rest close within 120.
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