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Real Estate Chart of the Day
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Low mortgage rates and affordable homes are propelling the home sales ahead in 2012.
The real estate opener "How is the market?" is best answered using the Pending Home Sales Index. Well, according to the current Pending Home Sales Index reading, 2012 will be characterized by consistent, steady growth. The market has shifted to sellers.
Mortgage rates are low and low-downpayment programs plentiful. However, there's very little housing stock from which to choose. The buyers market is ending.
Buyers market this fall? After 3 straight months of gains, the Pending Home Sales Index slipped 1 percent in July. Contract cancellations are up, too.
When the home buyer credit faced its last expiration in November 2009, we saw a pattern of buyers rushing to beat the deadline. There's no reason to expect that won't happen again. And as it does, Pending Home Sales should continue to climb. Average home sale prices should rise.
