Low home prices and mortgage rates combined are pushing home affordability to record levels nationwide and YES, Home buyers are taking advantage!The Pending Home Sales Index rose 7 percent in November which is the highest level since April 2010.
The Pending Home Sales Index is published monthly by the National Association of REALTORS®. It measures homes under contract nationwide, but not yet “sold”.
According to the National Association of REALTORS®, more than 80% of homes that are under contract will close within 60 days.
Housing data such as the Existing Home Sales report and the New Home Sales report “look backwards".
November is the second straight month in the rise of Pending Home Sales improvement. The housing market made big gains of 10 percent in October 2011.
The good news is each part of the country showed an increase in homes under contract! :)
Reports like the Pending Home Sales Index are helpful in showing national trends, but it is important to watch the data on your local level as the volume of homes that go under contract will vary by locality.
If you or someone you know are interested in discussing buying or selling a home I will be happy to help you. It's what I do!
Eunice Waller
Prudential Simpson & Assoc.
540-842-1061 (call or text)
"Working Together Great Things Can Happen ~ Helping Families Since 1984!"
No comments:
Post a Comment