Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2 percent.
Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. "Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus," he said. "This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.
Let's look at November Greenville NC real estate sales to see how the housing recovery is progressing locally.
Greenville NC real estate sales statistics for November show that the average sales price has increased by 8% to $188,852. While pending sales have remained consistant with November 2008. Sold listings increased by 31% from 2008. Market times increased by 35 days or 29% from 2008.
|
Date |
New |
Pending |
Sold |
Average |
DOM |
|
Nov 2009 |
61 |
42 |
52 |
$188,852 |
121 |
|
Nov 2008 |
92 |
42 |
36 |
$173,603 |
86 |
Learn more about the Greenville NC real estate market by visiting our websites, LizFreeman.com and LizFreemanHomes.com.
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Information is provided by the Greenville Multiple Listing Service and is deemed accurate but not guaranteed.
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