Smart Money.com reports on the National Association of REALTORS January 2009 monthly report. It projected existing-home sales at 4.90 million in 2008 and 5.22 million in 2009 compared to 5.65 million in 2007. Compared with the December 2008 report, the revised numbers are a mixed blessing.
There were 60,000 fewer houses sold in 2008 than projected, but the NAR Raised their 2009 forecast by 30,000 homes. Along with the slightly higher volume, there is a slight decrease in the 2008 median real estate price, reflecting the continued absorption of foreclosures and short-sales.
The NAR’s pending home sales index was designed to try measuring which way the housing market is going in the future. It is based on pending sales of existing homes, including single-family homes and condominiums. A home sale is pending when the contract has been signed but the transaction hasn’t closed. Pending sales typically close within one or two months of signing.
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