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Housing sales numbers rise while prices have stabilized in some parts of the country
The National Association of Realtors Pending Home Sales Index reports an increase in home sales of 6.3% over March. This is based upon reports of signed contracts.At the same time prices are still lower than last year by 13.1%According to Lawrence Yun of the NAR Chief Economist: "Bargain hunters have entered the market en masse, especially in areas that have seen double-digit price declines...Regions of the country that have seen sharp price declines, such as the West, are now seeing a sales recovery.""We are seeing an acceleration in foreclosures. As foreclosures have taken off, they put pressure on prices. Banks have become more aggressive with sales on homes they have foreclosed." said Christopher Low, chief economist at FTN Financial in New York.Also, Low noted: "Sales will stabilize in the next few months and that will set the stage for inventories turning to normal sometime next year and maybe even for prices to appreciate a bit," he said. "For now, prices will continue to fall. There is still an inventory overhang that will take 18 months to work through. The end game of the housing bust is near."
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