Pending home sales report gives hope to Houston real estate market
September 3rd, 2010 1:00pm
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After multiple reports showed a decrease in sales following the expiration of the first-time homebuyer credit, the latest figures from the National Association of Realtors says that sales may soon be on the upswing.The NAR's Pending Home Sales Index rose 5.2 percent compared to last month, surprising many analysts who had predicted a continued decline. Though the figures are still well below year-ago levels, the NAR economists were optimistic.
"Homebuyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers," said Lawrence Yun, the NAR's chief economist. "Affordability could reach a generational high in the second half of this year because of rock-bottom mortgage interest rates, helped partly by the Fed's very accommodative monetary policy."
The index reflects on the number of contracts signed and doesn't include closings, so it generally lags a month or so behind home sales figures.
The increase may signify a short turnaround after sales showed significant declines in July. The Houston Association of Realtors reported that sales of single-family homes had fallen more than 25 percent compared to last July.
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