Pending Homes Sales Rise! D.C. Region Gains In Price. 2 News Feeds & Videos
According to the National Association of Realtors, pending homes sales have risen for a fifth time over the past six months.
“The Pending Home Sales Index, a forward-looking indicator, increased 2.0 percent to 93.7 based on contracts signed in December from a downwardly revised 91.9 in November. The index is 4.2 percent below the 97.8 mark in December 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.” Source: Realtor.org.
Lawrence Yun (video feed), NAR Chief Economist explains, “In the past two years, home buyers have been very successful, with super-low loan default rates, partly because of stable home prices during that time. That trend is likely to continue in 2011 as long as there is sufficient demand to absorb inventory,” Yun said. “The latest pending sales gain suggests activity is very close to a sustainable, healthy volume of a mid-5 million total annual home sales. However, sales above 6 million, as occurred during the bubble years, is highly unlikely this year.”
This Washington Post article details how our region’s prices have gained whereas most parts of the country are slipping. Stan Humphries Expects U.S. Home Prices to Fall 5-7% in 2010. In this video, Stan Humphries, chief economist of Zillow Inc., and Michael Feder, chief executive officer of Radar Logic Inc., talk about the outlook for the U.S. housing market. They speak with Carol Massar and Su Keenan on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)
According to Dina ElBoghdady Washington Post Staff Writer, “It is unclear how long the region will be able to buck the national trend. One of the anchors of the local job market – private government contractors – may face significant cutbacks over the next several years as the Obama administration has vowed to rein in defense spending. But many economists expect that the local housing market is strong enough to weather layoffs now that prices appear to have stabilized.”
Chris Weymouth, REALTOR®The Weymouth Group at Keller Williams Select Realtors firstname.lastname@example.org 443-280-1922 Mobile