Pending Home Sales
August 14th, 2008 categories: Buyer's Advice, Seller's Advice
The Pending Home Sales increased 5.3 % in June to 89 from 84.5 in May, according to the NATIONAL ASSOCIATIO
N OF REALTORS® (NAR). Although the Pending Home Sales remains 12.3 % below June 2007 levels. The Pending Home Sales is an indicator of whats to come ahead and is based on pending sales of existing homes. A home that is Pending is a home not yet closed but is going through the process called Escrow.
Sales have increased consistently in recent months, like Sacramento, Calif, Las Vegas where people can actually afford homes now. Despite a decrease in existing home sales in June, NAR is forecasting that the recently signed federal housing bill will assist with the market’s recovery. NAR also predicts that the provision in the bill allowing first-time home buyers to receive a $7,500 tax credit will increase home sales, which could be sustained into 2009.
