Great News For The Housing Market!
Last week the National Association of Realtors (NAR) reported that Pending Home Sales rose strongly in October. A 5.2% increase from September and 13.2% higher than October of 2011.
The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
NAR’s chief economist, Lawrence Yun said buyers are responding to favorable market conditions. “We’ve had very good housing affordability conditions for quite some time, but we’re seeing more impact now from steady job creation, and rising consumer confidence about home buying now that home prices have clearly turned positive.”
NAR reported that outside of a few spikes during the tax credit period, pending home sales are at the highest level since March 2007 when the index also reached 104.8. On a year-over-year basis, pending home sales have risen for 18 consecutive months.
Yun also noted there are clear regional patterns. “Contract activity surged in the Midwest and is showing very healthy gains in the South, but was down slightly in both the Northeast and West,” he said.
What does this all mean for our local Cobb and Paulding county markets… we have been experiencing very low inventory, sellers have been receiving multiple offers on their homes and we have noticed that some increase in home prices. Buyers have been getting a little impatient, waiting for the next listing to become available. Homes are going under contract in less than a week! WOW!!!
IF YOU OR SOMEONE YOU KNOW NEED TO SELL…CALL US FOR A FREE SELLER CONSULTATION AT 866-465-2736 or COMPLETE THE FORM BELOW AND WE WILL CONTACT YOU. WE MAY ALREADY HAVE A BUYER LINED UP FOR YOU.