National Real Estate - Home Sales Improve Throughout Much of the Country in September



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Home Sales Improve Throughout Much of the Country in September

 
As mortgage rates continue to linger near record lows, becoming a homeowner remains significantly more affordable when compared to this time last year. A new report from the National Association of Realtors shows pending home sales in September were comparable to those from the previous month, but are well above sales from the same month a year ago.

Monday, November 12th, 2012

 

As mortgage rates continue to linger near record lows, becoming a homeowner remains significantly more affordable when compared to this time last year. A new report from the National Association of Realtors shows pending home sales in September were comparable to those from the previous month, but are well above sales from the same month a year ago.

Data from the Pending Home Sales Index show pending homes sales increased 0.3 percent to 99.5 in September, up from 99.2 in August. That is 14.5 percent above September 2011 when it was 86.9. This marks the 17 consecutive month of year-over-year improvements, as the housing market continues to parallel the overall economic betterment.

"Home contract activity remains at an elevated level in contrast with recent years, but currently appears to be bouncing around in a narrow range," said NAR chief economist Lawrence Yun. "This means only minor movement is likely in near-term existing-home sales, but with positive underlying market fundamentals they should continue on an uptrend in 2013."

Home sales increased throughout most regions, as the PHSI in the South grew 1 percent to 111.5 in September, remaining 17.6 percent higher than the same time a year ago. The Northeast posted a 1.4 percent gain, as the index grew to 79.3 in, up 26.1 percent from last September 2011. In the Midwest, the index fell 5.8 percent to 89.5 in September, however, it's 19.3 percent above the same month last year. For the first time in a couple months, the index in the West posted an increase of 4.3 percent in September, bringing it to 106.9, though it is only 0.8 percent above the index from last year.

According to NAR, the completed existing-home sales in 2012 will be around 4.6 million, a 9 percent jump when compared to this time last year. Sales are upwardly projects to grow 9 percent in 2013, putting sales at 5.1 million.

While mortgage rates recently dropped, a lower inventory is likely responsible for less mortgage applications as reported by the Mortgage Bankers Association's' recent Weekly Application surveys. This has also allowed home prices to increase, and NAR expects them to rise 6 percent throughout the remainder of the year.

National real estate trends have a major impact on the real estate market on a daily basis. Keeping up-to-date on the latest news and notes posted by GL Homes can make sure those looking for South Florida homes know exactly how the current market will affect them.