The latest look at the national housing market shows an unexpected improvement.
Pending home sales increased in April over March to the highest reading since October, according to the National Association of Realtors. But even with the month-to-month uptick, pending home sales remain more than 13 percent below the number reported a year ago.
The NAR’s Pending Home Sales Index rose 6.3 percent to 88.2 in April from 83 in March.
The index in the South grew 4.6 percent to 88.8, but is 22.5 percent below April 2007.
Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants. Sharp price reductions are leading to a quicker discovery of price equilibrium points.
The NAR index said existing-home sales should climb from an annual pace of 5.05 million in the second quarter to 5.83 million in the fourth quarter. Existing-home sales are expected to total 5.4 million in 2008, and then rise 6.3 percent to 5.74 million in 2009.
The aggregate median existing-home price is likely to dip 8.4 percent in the first half of 2008. It will start to stabilize in the second half before rising 4.4 percent next year to $213,900, NAR said.
New-home sales will probably fall 31.7 percent to 529,000, before rising 12.5 percent to 595,000 next year, NAR predicted. Housing starts, including multifamily units, are projected to drop 27.2 percent to 987,000 this year, and then slip 0.6 percent to 980,000 in 2009.
Realtor coaching, real estate coaching, coaching for real estate agents, Realtor coaching classes, Tim and Julie Harris, Harris Real Estate University, Harris Realtor Coaching, Tim and Julie Realtor coaching.
Tags: agent short sale secrets, april home sales, harris real estate university, home sales data, how to get reo listings, real estate training, realtor coach, realtor coaching, reo listings, tim and julie harris
{ 0 comments… add one now }