Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.
Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. “Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” he said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.
Let’s take a look at Dallas Real Estate Sales Statistics to see how the recovery is progressing locally:
Dallas Real Estate Sales Statistics – Oct 2008
Home Sales: 3,079
Average Sales Price: $208,200
Median Sales Price: $154,300
Months Inventory: 6.1
Dallas Real Estate Sales Statistics – Oct 2009
Home Sales: 4,146
Average Sales Price: $195,600
Median Sales Price: $153,000
Months Inventory: 6.0
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This entry was posted on Saturday, December 19th, 2009 at 12:27 am and is filed under Dallas Fort Worth, Housing Market, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.