Ryan Magee

Pending home sales soared above last year’s levels in March, making it the 23rd consecutive month that has exceeded levels seen one year ago from the date, according to the National Association of Realtors. The National Association of Realtors pending home sales index increased by 1.5% in March 2013, 7% higher than levels seen in March 2012. Lawrence Yun, chief economist for the NAR expects that  pending home sales will continue to increase as more jobs are created and household wealth rises. More here

According to the National Association of Realtors, 11% of 2012′s property transactions stemmed from vacation properties, leading to a 10% increase from 2011. Lawrence Yun, the NAR’s  Chief Economist said, “we had a strong stock market recovery, which helps more people in the prime ages for buying vacation homes.” It is reported that 38% of vacation home buyers bought property due to low prices, while 28% purchased property for family vacations only. More here

The National Association of Realtors’ Pending Home Sales Index is an indicator of future existing home sales based on contract signings, not closings. In October, the index rose 5.2 percent from September’s upwardly revised reading. That puts contract signings 13.2 percent above last year’s level and marks 18 consecutive months of year-over-year improvement. It also brings the index to its highest level since 2007. Lawrence Yun, NAR’s chief economist, said affordability conditions have been favorable for some time but the current spike in activity is likely due to steady job creation and consumers’ increasing confidence in home buying now that prices have begun to rise. October’s totals were boosted by a 15.6 percent spike in the Midwest. Pending sales were down slightly in the Northeast and West, while increasing 5.5 percent in the South. More here and here.

According to the National Association of Realtors, sales of existing homes increased 2.1 percent in October. The improvement put sales 10.9 percent above where they were a year ago. Lawrence Yun, NAR’s chief economist, said home sales continue to trend upward and, due to limited inventory and increasing demand, prices are also on the rise. The national median existing-home price was $178,000 in October, which is 11.1 percent above last year’s level. The price improvement marks eight straight months of year-over-year increases. Also, total housing inventory at the end of the month was down 1.4 percent. At the current sales pace, there is only a 5.4-month supply of available homes for sale, that is the lowest level since February 2006. More here and here.

The National Association of Realtor’s Pending Home Sales Index measures contract signings and is an indicator of future existing-home sales. In September, the index was up 0.3 percent over August and 14.5 percent above last year’s level. It was the 17th consecutive month of year-over-year improvement. Lawrence Yun, NAR’s chief economist, said home contract activity remains at an elevated level when compared to recent years and should continue its upward trend in 2013. Pending home sales were up in every region of the country and are showing double-digit increases over last year in the Northeast, South, and Midwest. According to the NAR, existing-home sales should close 2012 at 4.6 million, which is an increase of 9.0 percent over 2011. More here and here.

The National Association of Realtors’ Pending Home Sales Index slipped in August after hitting a two-year high in July. The index, a future indicator of existing-home sales based on contract signings but not closings, fell 2.6 percent, though it remains at elevated levels from one year ago. Lawrence Yun, NAR’s chief economist, said the index has shown 16 consecutive months of year-over-year increases, which has lead to a 9.0 percent jump in sales of previously owned homes. Compared to last year, pending-home sales are up 10.7 percent. Regionally, contract signings fell everywhere but the Northeast, where they were up 0.9 percent from one month earlier. More here and here.

Sales of previously owned homes spiked 7.8 percent in August, according to the National Association of Realtors. Total existing-home sales, which include single-family homes, townhomes, condominiums, and co-ops, rose to a seasonally adjusted annual rate of 4.82 million from 4.47 million in July. The gains put sales 9.3 percent higher than year-before levels and mark the sixth-straight month of improvement. Lawrence Yun, NAR’s chief economist, said the housing market is steadily recovering, with consistent increases in sales adding to the evidence that more buyers are taking advantage of excellent housing affordability conditions. The national median existing-home price for all housing types was $187,400 in August, which is 9.5 percent higher than a year ago. At the current sales pace, there was 6.1-month supply of homes available for sale at the end of August. More here and here.

The amount of time it takes to sell a home has fallen dramatically over the past year, according to new estimates. In July, the median amount of time a home was on the market was 69 days, which is 29.6 percent below last year when it was 98 days. The data, released by the National Association of Realtors, shows that one third of the homes sold in July were on the market for less than a month. Lawrence Yun, NAR’s chief economist, said tightening inventory has caused homes to sell more quickly. Yun says the trend began in the spring and is supporting sustained price growth in markets around the country. At the current sales pace, there was a 6.4-month supply of homes for sale on the market in July, a 31.2 percent drop from last year. More here and here.

Sales of previously owned homes increased 2.3 percent to a seasonally adjusted annual rate of 4.47 million in July, according to the National Association of Realtors. The improvement over June’s rate of 4.37 million put existing-home sales 10.4 percent above last year’s levels. Lawrence Yun, NAR’s chief economist, said record-low mortgage rates and rising rents are helping to unleash pent-up demand. Still, Yun feels the market would be performing even better if not for weakness in the broader economy and labor market, increasing home prices, and shrinking inventory. The national median existing-home price for all housing types is now $187,300, 9.4 percent above a year ago. The increase marks the fifth consecutive month of year-over-year price gains and the strongest monthly improvement since January 2006. Also, one third of homes purchased in July were on the market for less than a month. More here and here.