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Tag Archives: Pending Home Sales

August Pending Sales Decline After Spurt in Existing Sales

The National Association of Realtors' (NAR) Pending Home Sales Index for August was 88.6, which is on par with last year's pending home sales average for the year, according to NAR's chief economist, Lawrence Yun. Yun says the index has been moving within a narrow range for the past several months. On a monthly basis, pending home sales fell 1.2 percent in August, although existing home sales in August rose 7.7 percent on a monthly basis and 18.6 percent year-over-year.

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Pending Home Sales Decline Monthly But Remain Higher Than Last Year

Pending home sales decreased overall and in three of the four national regions in July, according to the National Association of Realtors (NAR). However, nationally and in all four regions, pending sales remain higher than one year ago. The West was the only region to post a month-over-month increase, with sales contracts up 3.6 percent. Despite recent declines in pending sales for most of the country, NAR says contract activity over the past three months is fairly comparable to the first part of this year.

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California Distressed Sales Decline, Realtors Push for Streamlined Shorts

California's pending home sales dipped in July, as did the share of distressed property sales. The California Association of Realtors says 44.5 percent of home sales contracts last month involved distressed properties. That's down from both the previous month and a year earlier. Short sales made up 17.5 percent of total sales. The state's Realtors have sent letters to the largest lenders with ideas on how the process can be improved and calling for their immediate attention.

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Increase in Pending Sales May Not Indicate Market Upswing

The National Association of Realtors said Thursday that pending home sales rose for the month of June, marking the third of the last four months its index has increased. Pending sales last month were up 2.4 percent from May and 19.8 percent from June 2010. The measurement is a forward-looking index based on contracts but not actual closings. Some economists are warning not to read too much into the latest numbers considering contract cancellations are on the rise.

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Spring Buying Takes Hold as Pending Home Sales Rise

Been waiting for the spring homebuying season to hit? According to a new industry report released Wednesday, it may be settling in. The National Association of Realtors (NAR) says contracts in place for sales of existing homes rose 8.2 percent in May compared to the trade group's upwardly revised reading for April and are 13.4 percent higher than in May 2010. NAR's latest reading marks the first time since April 2010 that contract activity has come in above year-ago levels.

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REOs and Shorts Account for 48% of Pending Sales in California

Twenty-eight percent of homebuyers in California who signed their name on the dotted line last month are buying REO properties. At the same time, short sale deals made up some 19 percent of the state's pending home sales in May. These are the latest figures released by the California Association of Realtors. While the state's 48 percent distressed market share is significant by all accounts, some areas of California are nearly fully saturated in distressed sales. In Madera County, REOs and short sales claimed 90 percent of all pending sales last month.

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Index of Pre-Owned Homes Under Contract Drops After Earlier Gains

Pending sales of existing homes - which in recent months have been nearly 40 percent comprised of REO and short sale properties - slipped much further than the market was expecting in April, signaling a feeble start to what typically would be the strongest home buying season of the year. The National Association of Realtors says following fairly commendable gains in February and March, its pending sales index dropped 11.6 percent in April. Economists had been expecting a decline, but significantly smaller at just 1 percent.

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Local Agents Report Fewer Distressed Homes Sold in California in April

California's distressed home sales dropped in April for the second consecutive month, according to the state's local Realtors group. The California Association of Realtors reports that the total share of all distressed property types sold statewide - including REOs and short sales - declined to 48 percent, down from 51 percent in March. The group says bargain hunters and investors were joined last month by homebuyers who are timing their decisions to coincide with the start of the spring season and targeting more non-distressed properties.

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Pending Sales of Previously Owned Homes Rise Unexpectedly

After declining for two months, pending sales of existing homes unexpectedly increased in February, the National Association of Realtors reports. The trade group's pending home sales index rose 2.1 percent compared to January but remains 8.2 percent below February 2010. The index reading for last month was 90.8. A reading of 100 indicates a healthy level of sales activity. The last time the pending sale index registered above the 100 mark was in April 2010 when homebuyers were rushing to sign contracts before the homebuyer tax credit deadline.

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NAR’s Pending Home Sales Index Drops 2.8%

Industry data released Monday showed that the number of homebuyers who signed contracts in January for the purchase of previously owned homes declined from both the previous month and year-ago levels. The National Association of Realtors (NAR) says its January index of pending home sales is down 2.8 percent from the December reading, which was revised downward from a previously reported gain to reflect the start of a two-month decline in pending sales. NAR's January reading is 1.5 percent below the pending sales measurement recorded 12 months earlier.

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