Pending Home Sales Surge Nationwide

Pending Home Sales Surge Nationwide

Posted by RE-Insider on 7/14/14 • Categorized as Industry News

While much of this year has proven to be a bust for those of us in the RE industry, recent waves of good news have been emerging. Lately we’ve seen mortgage rates going down, inventory going up and new jobs being created – all signs that an improving market is on its way – and now it would seem that our hopes have come to fruition, as a new study has found that pending home sales have jumped the most since 2010.

According to a study performed by the National Association of Realtors, pending home sales surged more than expected in May, the latest sign a sluggish housing recovery is picking up steam.

Nationwide, signed contracts for previously owned homes jumped 6.1% from April, beating the median forecast of a 1.5% rise and the largest bump we’ve seen in four years!

Additionally, buyers closed deals on 4.9% more previously owned homes in May than April and new home sales jumped 18.6% in May.

“An improvement in sales is likely to continue for at least a few more months, a welcomed reprieve after a significantly slow start to the year,” Sterne Agee chief economist Lindsey Piegza said in a statement. Further gains, Piegza said, will rely on “sustained improvement in income and job creation.

Still, the market isn’t humming like last year. Higher prices and fewer foreclosures have investors and families less likely to strike a deal. Pending sales in May were 5.2% below 2013 levels.

Regardless, this is a change which we can all rejoice.

Have noticed the increase of pending sales in your markets? What are your thoughts?

You can read the full story here:

 

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Sabrina Caton - The Caton Team Realtors

Sabrina is a native Californian born and raised in the Silicon Valley with a passion for Residential Real Estate. Partnered with her mother-in-law Susan - they are The Caton Team. With over 35 years of combined, local Real Estate experience and knowledge – would’t you like The Caton Team to represent you? Let us know how we can be of service. Contact us any time. Call | Text at: 650-799-4333 | Email Info@TheCatonTeam.com The Caton Team believes, in order to be successful in the San Fransisco | Peninsula | Bay Area | Silicon Valley Real Estate Market we have to think and act differently. We do this by positioning our clients in the strongest light, representing them with the utmost integrity, while strategically maneuvering through negotiations and contracts. Together we make dreams come true. The Peninsula is our backyard - let us help make it yours. We represent Buyer’s and Seller’s throughout the Bay Area. The Caton Team – Susan & Sabrina A Family of Realtors Effective. Efficient. Responsive. What can we do for you?

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