The last Pending Home Sales Index from the National Association of Realtors (NAR) showed a substantial 10.4% month-over-month increase. According to NAR 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.
This increase confirms a growing feeling that demand for housing has begun to increase.
Both NAR and Fannie Mae expect an increase in sales over the upcoming five quarters. Here are their projections:
Sales will increase over the next several quarters. The increase will initiate a housing recovery. However, price increases will not take place until current inventory levels diminish. That could take 12-18 months.
by The KCM Crew on December 13, 2010
Carolina Multiple Listing Service (CMLS) recently released the results for the month of October, $20 million sold and $20 million closed for the Carolinas real estate market. Also, happy to report that the sales volume is up 129% (yes more than double) from October 2008 and closed volume up 44% from October 2008. We think we are starting to see a turnaround. It may be a slow & gradual rebound, but let’s be thankful for the rebound!
Contact The Lee Ann Miller Team today to begin your journey in this positive real estate market.