Pending Home Sales Rose Smartly in October

posted on December 2nd, 2010 filed under: Real Estate Market Data

The Pending Home Sales Index maintained by the National Association of Realtors posted a decent gain for October 2010.  This continues a steady trend of improvement since the predictable collapse of sales immediately after the $8,000 government handout program expired.

Pending Home Sales Index (NAR) -- Chart, Graph -- Nov. 2010

Sales should do fine as long as rates remain low and in the absence of significant further job losses.

But remember, sales and prices are two different things.  And local market dislocations can produce countertrend results.  In particular, sales of luxury homes in Miami and Coral Gables remain AWOL, creating significant risk of further price declines.

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posted by // This entry was posted on Thursday, December 2nd, 2010 at 1:20 pm and is filed under Real Estate Market Data. You can follow any responses to this entry through the RSS 2.0 feed.

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