One phrase very few like to hear is "extended winter."  The housing market, typically one of the first sectors to rebound after recessions, still looks perilously weak.  Today, the National Association of Realtors is expected to say pending home sales, which measure contracts signed but not yet closed, fell another 0.5% in February after a 7.6% drop the prior month.

                                                                                                                                                     

     Pending home sales are down and additional declines are expected from abnormal weather conditions, according to the National Association of Realtors®.  The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in January, fell 7.6 percent.  Lawrence Yun, NAR chief economist, said weather is likely to impact housing data. "January pending sales, though still higher than one year ago, remain much lower than expected given that a large number of potential buyers are eligible for the expanded home buyer tax credit." he said. 

   It looks like we will only see modest gains for existing-home sales in the coming quarter.  Job creation will play a huge role in the second half of the year's financial picture.  If we follow jobs we will see where the market goes.  As the inventory of homes decreases there will be an inverse relationship to home prices.

www.tampabayappraisers.com

 

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Jon Tipton, Realtor/Cert. Res.Appraiser with The Duncan Duo & Associates at

Brandon, FL

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RE/Max Dynamic

Address: 4029 Henderson Blvd., Tampa, FL, 33629

Office Phone: (855) 487-7362

Cell Phone: (813) 391-6121

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