Thursday, September 27, 2012

NAR: Pending home sales grow nationwide, fall in West region

Pending home sales were up nationwide by 9.6 percent year over year nationwide, but were down by 2.7 percent in the West region of the US. According to the National Association of Realtors' pending home sales report released today, the West region was the only region to report declining year-over-year pending home sales. Pendign home sales were up year over year by 18 percent, 18.5 percent and 12.3 percent in the Northeast, Midwest and South, respectively. Over the past year, growth in pending home sales has been weaker in the West region than in all other regions.

Colorado-specific data, however, tends to show solid growth in home sales both in metro Denver and statewide in recent months. The lackluster growth in regional home sales is likely being driven by a continued weak economy in California and Nevada where the unemployment rates continues to be well above the national unemployment rate.

See here for NAR's report.

According to NAR's press release:

"The index shows 16 consecutive months of year-over-year increases, and that has translated into a higher number of closed sales. Year-to-date existing-home sales are 9 percent above the same period last year, but sales were relatively flat from 2008 through 2011," Yun added.
Existing-home sales this year are expected to rise 9 percent to 4.64 million, and gain another 8 percent in 2013 to nearly 5.02 million. With generally balanced inventory conditions in many areas, the median existing-home price is projected to rise about 5 percent in both 2012 and 2013.