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Local Home Builders Directory  - Article Details
PAGES Says There Are Hopeful Signs In Housing Markets

Date Added: April 03, 2009 02:39:35 PM
Author: Tamara Jackson

Earlier this month, the National Association of Realtors reported that sales of existing homes were up in February, and now, the trade organization's Pending Home Sales Index is showing an increase of 2.1 percent in February. But, the rise is a modest one - the index is still 1.4 percent below February 2008's level.


The index is a forward looking indicator, and is based on the number of contracts signed in February. The rise in this indicator could mean that home sales may rise in future months. (Typically, there's a one to two month period between a pending sale and a completed sale, so the index gives an indication of future home sales.)


But while the index does show an increase, even NAR acknowledges that the housing market isn't out of the woods yet.


"Pending home sales have a way to go for there to be a meaningful increase,” says Lawrence Yun, NAR chief economist.


It may take a few months for home affordability to bring down the inventory of homes for sale, Reuters quotes Yun as saying. — Lauren Baier Kim


This release is reported from under Fair Use.

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