Wednesday, June 27, 2012

NAR: Pending home sales growth up in U.S. West, but weak compared to nation

Pending home sales in the  US rose in May by 15.3 percent, year over year, according to new pending home sales data released today by the National Association of Realtors. According to the press release:

“The housing market is clearly superior this year compared with the past four years.  The latest increase in home contract signings marks 13 consecutive months of year-over-year gains,” he said.  “Actual closings for existing-home sales have been notably higher since the beginning of the year and we’re on track to see a 9 to 10 percent improvement in total sales for 2012.”

All regions of the country showed gains in pending home sales, year over year.

In the West, pending home sales increased 7.1 percent from May 2011 to May 2012. The West had the smallest year-over-year increase of all regions. Pending home sales increased 22 percent in the midwest.

Overall, the numbers are weaker in the West than in the other regions and in the nation as a whole. Actual sales closings appear to be up in 2012, with increases ranging from 5 percent to 10 percent in metro Denver and statewide. See more.

The graph shows that pending home sales activity has yet to reach to levels experienced during the final days of the homebuyer tax credits - which here show up as high pending sales numbers during April 2010: