Friday, March 1, 2013

Pending home sales growth edges into positive territory in January

Pending home sales were up nationwide by 10.4 percent year over year nationwide during December, and were down by 0.4 percent in the West region of the US. According to the National Association of Realtors' pending home sales report released today, the West region reported the smallest year-over-year increase in sales by far.  Pending home sales were up year over year by 10.1 percent, 17.9 percent and 13.4 percent in the Northeast, Midwest and South, respectively.

Pending home sales were down year over year in December, dropping by 6.7 percent from December 2011 to December 2012. Year over year growth has been tepid  in the West region in recent months.

See here for NAR's report.

According to NAR's press release:

"Over the near term, rising contract activity means higher home sales, but total sales for the year are expected to rise less than in 2012, while home prices are projected to rise more strongly because of inventory shortages," Yun said.
The PHSI in the Northeast rose 8.2 percent to 84.8 in January and is 10.5 percent higher than January 2012. In the Midwest the index increased 4.5 percent to 105.0 in January and is 17.7 percent above a year ago. Pending home sales in the South rose 5.9 percent to an index of 119.3 in January and are 11.3 percent higher January 2012. In the West the index edged up 0.1 percent in January to 102.1 but is 1.5 percent below a year ago.