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Record Pending Home Sales
September 11th, 2009
Record Pending Home Sales
According to the National Association of Realtors (NAR) pending home sales have have risen for six straight months, something not seen in the history of the Pending Home Sales Index.
The Pending Home Sales Index, a forward-looking indicator of the housing market, is based on contracts signed in July 2009, increased 3.2% to 97.6 from a reading of 94.6 in June, and is 12.0% higher than July 2008 when it was 87.1. The index is at the highest level since June 2007, when it was 100.7. We’ll share with you what an increase in pending home sales means to you.
Affordability at Record High
Lawrence Yun, NAR chief economist, said the housing market appears to be improving. According to Yun, “The recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit.”
“Other buyers are taking advantage of low home values before prices turn higher. Nationally, the typical mortgage payment now takes less than 25 percent of a middle-income family’s monthly income to buy a median priced home, with payment percentages so far in 2009 being the lowest on record dating back to 1970. As long as home buyers stay within their budget, mortgage payments will be very manageable,” Yun said.
Clovis Home Buyers
What does record pending home sales mean for Clovis home buyers? It means there’s more and more competition for Clovis homes. With the number of Clovis homes for sale waning, Clovis buyers must be careful not to wait too long to buy. As many Clovis buyers have already discovered, foreclosures and well-priced homes are receiving multiple offers — sometimes as many as 10 to 20 offers. That means if you wait too long you could end up paying more for a Clovis home because of the increased competition.
If you’re in the market for a Clovis home, let us know. As Clovis home experts, we’ll help you find the home you’re looking for, in the neighborhood you want, and at the best possible price.
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