Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Housing News

Pending Home Sales Up – Sign of Hope For Real Estate Market?

Pending home sales up

good newsAccording to the National Association of Realtors, pending home sales (based on number of contracts signed) are up 1% from November to December and is 10.9% from December 2008. After a rough November that resulted in a 16.4% drop from October, the small rise in December speaks volumes of buyer sentiment and willingness as the pendulum looks to be slowing as it nears the center.

NAR’s Chief Economist, Lawrence Yun noted that “there are easily understood swings in contract activity as buyers respond to a tax credit that was expiring and was then extended and expanded. These swings are masking the underlying trend, which is a broad improvement over year-ago levels. December activity was the fifth highest monthly tally in two years.”

The almighty tax credit

Yun said that “while new-home sales will remain low due to a lack of construction, existing-home sales are projected to rise to around 5.6 million in 2010.” According to the NAR, in 2009, there were 5.16 million existing home sales.

With the NAR’s television commercial campaign promoting the tax credits, consumers are informed of the credits and likely have a firm grasp on their impermanence. But what happens when they’re gone? D.R. Horton anticipates making adjustments for a slow down but independent agents don’t have the pockets that the nation’s second largest builder does, so will agent savings go up? Will vendor services be cut later this year as a knee jerk reaction? Will demand even slow down?

Regardless of the outcome and whether or not there is a storm, it looks like right now, there is a calm.

Advertisement. Scroll to continue reading.

Lani is the COO and News Director at The American Genius, has co-authored a book, co-founded BASHH, Austin Digital Jobs, Remote Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

9 Comments

9 Comments

  1. Cool Springs Real Estate

    February 6, 2010 at 12:13 am

    The real estate and homes for sale here in Cool Springs has been pretty cool for some time, although we haven’t had the foreclosures other areas of the country have suffered. Most of Nashville’s real estate market has been pretty healthy with the exception of a few areas that were overbuilt and other that had over appreciated.

Leave a Reply

Your email address will not be published.

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Housing News

(Housing News) According to the National Association of Realtors, pending home sales have improved, calling the gain inevitable.

Housing News

(Housing News) Home prices fall again very slightly, but does this spell a rough winter or a long term problem? Two economists weigh in.

Housing News

(Housing News) Although not improving at a dramatic pace, home prices are inching up, rising 11.8 percent in November compared to the previous November.

Housing News

(Housing News) Builder confidence in sales, traffic, and future expectation rose in December to 58, meaning over half of the industry's insiders are confident...

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.