After a strong run to close out 2010, the market for home resales softened a bit in January.
Another day, another strong report for housing. The Pending Home Sales Index climbed 2 percent in December, according to the National Association of REALTORS®
The housing market continues to expand, and surprise.
The Pending Home Sales Index surged 10 percent in October as low mortgage rates and low home prices spurred buyers into action. The market looks different today, however.
So long as mortgage rates remain rock bottom, the autumn season is looking like a terrific time to buy.
Overall, buyers are being drawn into housing by low mortgage rates, affordable homes, and ample supply. If the August Pending Home Sales Index is foreshadowing the fall housing market, home prices appear slated to rise.
Just one week after reports of Existing Home Sales and New Home Sales plunging, the housing market signaled that the next few months may fare better than did May and June.
June’s Pending Home Sales Index is weak by most measures, but if you’re a home buyer, the headlines aren’t so bad. Fewer home sales can push negotiation leverage to the buy-side of a transaction.
On the surface, May’s Pending Home Sales Index looks terrible for housing. And, if you’re a seller, it just might be. But, if you’re a buyer, the story reads differently. Just consider the market conditions.
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