June 3, 2009

Pending Homes Sales Up for the 3rd month in a row….Market beginning to turn around?

The month of April was very kind to the real estate industry. We saw the largest monthly jump in sales contracts signed in 7 & ½ years. So is the housing market slump “bottoming out?”

Analysts predict that the market should start to turn by the end of the year, but new incentives, such as the $8,000 tax credit for first-time homebuyers and record low mortgage rates, have fueled investors to buy sooner rather than later. Housing affordability is at one of the highest points in history and agents are in the middle of their busiest time of the year.

Our Region is seeing one of the best Pending Home Sales Index increases in the country with a rise of 9.8 percent, an 11.1 percent increase from one year ago. With numerous buyer assistance programs available to the public, we are finally seeing light at the end of the tunnel.

Joseph LaManna
Regional Developer
Realty Executives Midwest

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