Cookies on the this website
We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on this website. However, if you would like to, you can change your cookie settings at any time.
Continue

New to PropertyWire?

Welcome, and thank you for visiting our website.

PropertyWire is the leading publication for property investors and industry professionals interested in the world of international property investment.

Our aim is to give you intelligent commentary and analysis on the world of retail and commercial real estate.
If you've enjoyed what you've read so far why not sign up for our FREE property alert and online magazine PropertyWire Confidential.

Every week the PropertyWire team sends out a hard-hitting newsletter packed with news and analysis of the top stories plus the best investment opportunities on the market. We always look at the bigger picture like the Euro Crisis, and explain how this will affect YOUR investments.


Ask me later
No thanks

Sat
Jul 26th
Lost Password? Register
Home arrow News arrow North America arrow Pending home sales up in the US for 18th month in a row

Pending home sales up in the US for 18th month in a row

Friday, 30 November 2012
Image
Pending home sales in the United States rose strongly in October with mixed regional results, according to the latest data from the National Association of Realtors.

Its Pending Home Sales Index, a forward looking indicator based on contract signings, increased 5.2% to 104.8 in October from an upwardly revised 99.6 in September and is 13.2% above October 2011 when it was 92.6. The data reflect contracts but not closings.

Lawrence Yun , NAR chief economist, said buyers are responding to favourable 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,ђ he explained.

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 non year basis, pending home sales have risen for 18 consecutive months.

Yun added that 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,ђ he said.

The Northeast saw some impact from Hurricane Sandy, but limited inventory in the West is keeping a lid on the market. All regions are up from a year ago, with double digit gains in every region but the West, Yun added.

The PHSI in the Northeast slipped 0.1% to 79.2 in October but is 13.3% above a year ago. In the Midwest the index jumped 15.6% to 104.4 in October and is 20% above October 2011. Pending home sales in the South rose 5.5% to an index of 117.3 in October and are 17.4% higher than a year ago. In the West the index declined 1.1% in October to 105.7, but is 0.9% above October 2011.


BOOKMARK THIS PAGE (What is this?)     Digg!Reddit!Del.icio.us!Google!Live!Facebook!StumbleUpon!Newsvine!Furl!Yahoo!

 
More Recent News
Earlier News
To see all the latest news articles in our monthly online magazine, Property Wire Confidential, sign up free here






West Tower

West Tower

Car park

home rental guide

Limousin Guide

Barratt Homes

Limousin Guide

West Tower

North America: Top Headline

US existing home prices sales up, reaching annual pace of five millionUS existing home prices sales up, reaching annual pace of five millionExisting home sales in the United States increased 2.5% in June and reached an annual pace of five million sales for the first time since October 2013, according to the latest index from the National Association of Realtors.

Search for Properties:

Feature story

Student accommodation investment check List

It’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.

 

Company news

First women president for RICS

Louise Brooke-Smith has become the first female president of the Royal Institution of Chartered Surveyors (RICS) in its 146 year history.

Finance Update

Halifax and Lloyds mortgage range changes

Home owners are now able to purchase new build properties through both Halifax and Lloyds Bank Help to Buy Mortgage Guarantee scheme products.

Features

Student accommodation investment check List

It’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.

 

Newsletter

Subscribe to our weekly newsletter and stay updated on the property market trends.
Subscribe now >>

Subscribe to our North American property and real estate news feed (RSS)