NAR reports this morning that June 2008 Pending Sales (houses that have gone into "under contract" status) are up 5.3% over May 2008. However the pending sales number is down a BIG 12.3% over the same period a year earlier (June 2007 data).
Pending Sales by area:
Pending sales in Northeast are up +3.4%
Pending sales in South are up +9.3%
Pending sales in West are up +4.6%
Pending sales in Midwest are up a modest +1.3%
Interesting note here that the areas showing the greatest drop in prices recently are the areas showing the greatest recovery. This substantiates my recent theory that there are savvy buyers in the pipeline who are taking action and buying homes in the distressed markets on the pullbacks in pricing.
NAR also states that the housing stimulus package bill should improve overall conditions (On a national basis) for the 4th quarter.
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Thursday, August 7, 2008
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