Pending Home Sales Drop 7.6% Nationally, But Greatly Increase Sacramento Metro Market
March 5th, 2010 Categories: Sacramento RE Stats, Sacramento Real Estate Trends
All Sac Placer ED Counties All January Sales
Sacramento Real Estate Pending Sales Are up 23%
It always happens this time year that pending sales start to increase, but what is so different about this year is the fact that available homes, or active listings have significantly reduced from last year.
The chart above goes a long way in explaining our market her in the Sacramento area and explaining the indset of the buyers we are working with.
Frustration that it is so hard to buy a home in a market that is so affordable. The frustration actually comes becouse of all the inventory available, only about 20% of it is priced right and in a condition to be able to pass inspections and get a mortgage on it…
Who do you kow that is struggling with a mortgage right now?
Contact the Sacramento Short Sale Center for a Sacramento Short Sale Specialist at wereheretohelp.org
National Pending home sales drop 7.6%
According to the National Association of Realtors (NAR), its Pending Home Sales Index, a forward-looking indicator based on contracts signed in January, dropped 7.6% to 90.4 from a reading of 97.8 in December, and is 12.3% higher than January 2009 when it was 80.5. NAR said the harsh winter hampered home sales. “January pending sales, though still higher than one year ago, remain much lower than expected given that a large number of potential buyers are eligible for the expanded home buyer tax credit,” said NAR chief economistLawrence Yun. “Moreover, the abnormally severe and prolonged winter weather, which affected large regions of the US, hampered shopping activity in February.” Analysts say extension of tax credit is doing little to boost pending home sales, and given that the Federal Reserve will end purchase of mortgage backed securities this month, the housing recovery is going to take time. “When you take away all the support from the housing market, the und
erlying demand for housing is a lot weaker than we thought,” said Mark Vitner, an economist at Wells Fargo Securities. “We clearly pushed some demand forward, and there wasn’t that much demand to pull forward anyway. The housing recovery is going to be very, very slow.” On a regional basis, the pending home sales index dropped 8.7% to 71.3 in the Northeast, dropped 13.2% to 102.9 in the West, dropped 8.9% to 81.2 in the Midwest, and dropped 2.1% to 98.1 in the South.
Courtesy Chris Mcglaughlin
