Wednesday, August 05, 2009
Pending Home Sales Are The Best Since 2003
Pending Home Sale Up Again!
The National Association of REALTORS has announced that pending homes sales are up again in June. This is the 5th month in a row that these anticipated real estate sales have been up - something that hasn't happened in six years since July of 2003.
From a Pending Homes Sales Index (PHSI) of 80.4 in January 2009, activity has grown to 94.6 as of June. That is an increase of over 17% since the beginning of the year. An index of 100 is based on 2001 sales and coincides with a historically high level of home sales activity. 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.
For a video of the announcement, go to: