U.S. Pending Home Sales Gain Slightly in December After Plunging in November

posted on February 2nd, 2010 filed under: Real Estate News

The Pending Home Sales Index published by the National Association of Realtors shows contract signings rose about 1% nationally from an index level of 95.6 in November to 96.6 in December.  These are national data, but have generally correlated with activity in Miami and Coral Gables over the years.

Regionally, the Northeast is weakest at a level of 76.1 and the West is strongest at 119.9.  An index level of 100 represents the level of pending sales in 2001, when the NAR began this data series.

The index hit a recent high of 114.1 for October as buyers rushed to secure the $8,000 homebuyer tax credit from Uncle Sam before its originally scheduled expiration at the end of November.  The credit has since been extended to contracts signed by the end of April 2010, provided sales close by the end of June 2010.

The December number suggests that the lower November number better represented the underlying health of the real-estate market than the government-goosed October number.  That’s probably true in Miami and Coral Gables as well as nationally.

The index tracks only existing homes, not new construction.

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posted by // This entry was posted on Tuesday, February 2nd, 2010 at 10:26 am and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed.

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