My New Blog

The latest pending homes sales index from the National Association of Relators shows that contracts were up in June by 5.3 percent.

Lawrence Yun, NAR chief economist, reported, “The vacillation of data from one month to the next indicates a housing market in transition. The rise in pending home sales was broad-based with all four regions showing gains. This is welcome news because a rise in contract activity is necessary for an overall housing recovery. With a tax credit now available to first-time home buyers, increases in home sales could be sustained with the momentum carrying into 2009.”

Regionally, the South saw the biggest jump in pending sales, jumping 9.3 percent. The Midwest saw only a 1.3 percent gain.

In the areas hit the hardest with bank owned properties, we are seeing multiple offers on homes.  Multiple bids may indicate a floor on prices.