April’s pending home sales continued to climb as people rushed to get into contract by the end of the month. Bob Willis and Shobhana Chandra of Bloomberg News reported, “The index of pending home resales rose 6 percent, following a revised 7.1 percent gain in March…”
Breaking the numbers down regionally, the Northeast increased pending sales 30%, the West saw a 7.5% jump, the Midwest rose 4.1% but the South saw a 0.6% decline. A year-over-year comparison, pendings where up 25% from April ’09.
Shobhana Chandra of Bloomberg News reported last month that pending sales of existing homes rose 5.3 percent in March, that after a 5.3 percent rise in February. The rise wasn’t totally unexpected as we drew closer to the end of the Federal homebuyer tax credit.
Chandra broke down the numbers by region, with three regions gaining. There was a 13% gain in the South, a 1.9% gain in the West and 1.2% rise in the Midwest. The Northeast pending sales fell 3.3%. US pending sales rose 24% over March 2009.
Pending resales were UP in February, according to Courtney Schlisserman of Bloomberg News, who reported the story earlier this month. According to the artlice, “The index of purchase agreements, or pending home resales, rose 8.2 percent, the second biggest gain on record and the largest since October 2001…”
She goes on to write (and a reason I strongly agree with) is that people suddenly got serious about purchasing a home because the clock is ticking on the Federal home-buyer credit. Schlisserman also makes the point that a sustained increase of pending sales could occur if a credible job recovery were to begin.
Schlisserman broke down the numbers by region, pending resales in the Midwest jumped 22%, 9.2% in the South, 9% in the Northeast but they fell 4.8% in the West.
Blame it on January being one of the slowest months in real estate. Blame it on the weather. Probably the blame goes to the high unemployment rate, but pending home sales in January fell an unexpected 7.6%, as Courtney Schlisserman of Bloomberg writes on all the details.
Compare that to last January when buyers came running back to the housing market when it looked like the market was going to recover at a faster pace. Again, it looks like the home-buyer tax credit wasn’t enough to boost sales.
Shobhana Chandra of Bloomberg News reported earlier this month that pending resales of existing homes rose in October.
All of us knew that was going to happen due to the uncertainty of extending the first-time homebuyer tax credit. I’ve talked to a couple of vendors I use, and they both confirmed that October and November were two of the busiest months they’ve have had, EVER! One title company that I know of had the best November in their history. Suddenly, after months of waiting for approval, short-sales were opening escrow and everyone was rushing to close.
December seems to be much more quiet, but I think the rush will resume Jan. 3.
Courtney Schlisserman of Bloomberg reported last week pending sales of existing home sales surged 3.6%.