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Pending Home Sales Hit Five Year High in October
|Pending home sales hit five year high in October
Thrusday, December 6th, 2012
The future of home sales could be bright, as pending home sales reached a five-year high in October, according to the National Association of Realtors.
NAR's Pending Home Sales Index increased 5.2 percent from 99.6 in September to 104.8 in October. On a year-over-year basis, the PHSI was up 13.2 percent from 92.6.
"We've had very good housing affordability conditions for quite some time, but we're seeing more impact now from steady job creation, and rising consumer confidence about home buying now that home prices have clearly turned positive," said NAR chief economist Lawrence Yun.
The PHSI in the South rose 5.5 percent to 117.3, which could mean an increasing amount of Florida homes could be purchased in the coming months. Compared to the same period last year, the PHSI in the South was up 17.4 percent.
If not for a limited inventory in much of the country, pending home sales could have been even higher. However, Wells Fargo economist Anika Khan told Bloomberg that more people may be willing to put their homes on the market in the near future, as home prices have been on the rise.
With more homes on the market and mortgage rates hovering near record lows, home sales could surge. According to Freddie Mac's latest Primary Mortgage Market Survey, 15- and 30-year fixed-rate mortgages averaged slightly higher than all-time lows in the week ending November 19.
Fifteen-year FRMs averaged 2.64 percent, up from 2.63 percent in the previous week, while 30-year FRMs edged up to 3.32 percent from 3.31 percent. Despite the slight bump, home buying conditions continued to stay highly affordable for qualified borrowers.
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.