Tag Archives: home sales rise

Pending Home Sales Increase for 7th Straight Month

Record Streak Continues for Pending Home Sales

Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to the NATIONAL ASSOCIATION OF REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, rose 6.4 percent to 103.8 from a reading of 97.6 in July, and is 12.4 percent above August 2008 when it was 92.4. The index is at the highest level since March 2007 when it was 104.5.

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Pending Home Sales Rise for 5th Consecutive Month

Uptrend Continues in Pending Home Sales

Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to NAR (National Association of Realtors).

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7 percent above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003.

Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. “Historically low mortgage interest rates, affordable home prices, and large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower priced homes,” he said.

“Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30,” Yun said.

Here are the regional figures from the Pending Home Sales Index:

  • The Northeast rose 0.4 percent to 81.2 in June and is 5.8 percent above a year ago.
  • The Midwest increased 0.8 percent to 89.9 and is 11.6 percent above June 2008.
  • The index in the South jumped 7.1 percent to 100.7 in June and is 8.9 percent higher than a year ago.
  • In the West, the index rose 2.9 percent to 100.4 but is 0.2 percent below June 2008.

In addition MRIS, the local MLS service, just released their Mid-Year 2009 Trends report. View the highlights and download the report.

The Northrop Team had a record breaking month in June, selling 122 homes.

Source: Realtor Magazine (August 4th, 2009)

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Record High Home Sales for the Month of June!

The Creig Northrop Team of Long & Foster Real Estate, Inc completed the month of June with a record high, selling 122 homes – making it our best June in three years.

On a national level, existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 3.6 percent to a seasonally adjusted annual rate of 4.89 million units in June.

The National Association of Realtors said about 31% of last month’s sales were distressed homes, down from the 45-50% last month. Approximately 29% of the June buyers were first-time buyers, up nearly 12 percentage points since June 2008.

“What’s even more amazing, comments Creig Northrop, “is on a local level.” The number of homes sold in Maryland rose 10 percent in June 2009 compared to June 2008. “That’s a huge jump” he adds.

In June of 2009 there were 5,082 units sold in Maryland compared to 4,621 in 2008.

One of the largest increases was seen in Montgomery County – which saw a 20.9 percent increase in units sold over last year. Howard County saw a 3.7 percent increase. Carroll County was up 5.20 percent.

“We recognize this is as a very positive sign in the market,” says Creig Northrop. “Certainly we face the challenges of the market but through knowledge, market experience, and dedication to our clients we are able to stay ahead. It’s great to  see signs that the housing market is finally bouncing back.”

New Construction Sales were also up in June. The government says new US home sales rose by 11 percent – the largest amount in nearly nine years last month.

To find out “Why This is the Year to Buy a House” or “Why Your House Isn’t Selling” sign up for our August webinars at www.northropteam.com/events

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June new home sales up 11%, largest amount in 9 years

The government says new U.S. home sales rose by the largest amount in nearly nine years last month, in another sign the housing market is finally bouncing back from the worst downturn in decades.

The Commerce Department says sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000.

It was the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000.

Sales have risen for three straight months. The median sales price of $206,200, however, was down 12 percent from $234,300 a year earlier.

Interested in purchasing new construction? Visit our new constrution resource center now!

Source: The Associated Press, Alan Zibel (July 27,2009)

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