CNBC and Housing Analysts are Stating that Home Prices May Have Bottomed (On Average Nationally) as Pending Home Sales Figure Increases, and Other Housing Data is Positive
The number of Americans signing contracts to buy previously owned homes rose more than forecast in November.
Falling prices and low borrowing costs boosted demand.
Buyer Broker Chicagoland client pending sales were of course part of that figure!
The index of pending home sales increased 7.3 percent to the highest level since April 2010. Economists had forecast a 1.5 percent gain.
It had gone up 10.4 percent the prior month.
Housing is showing signs of stabilizing as construction picks up, builder confidence improves and the number of houses on the market declines.
It appears buyers are becoming more confident and are attracted to record-low mortgage rates.
All four regions showed an increase in contract signings from a month earlier, led by a 14.9 percent surge in the West and an 8.1 percent jump in the Northeast. Pending sales climbed 4.3 percent in the South and 3.3 percent in the Midwest.
Home Affordability is Better Than Ever!
Today’s report showed an index level for pending home sales of 100.1 on a seasonally adjusted basis. A reading of 100 is consistent with the average level of contract activity in 2001 and coincides with “historically healthy” home-buying traffic, according to NAR.
Because they track contract signings, pending home sales are considered a leading indicator.
If you are serious about purchasing a home or investment property in the Chicago area within the next 90 days - feel free to contact us. As an Exclusive Buyer Agent / Broker (always on the buyer's side - never on the seller's side) we work with a select number of clients - so that we can provide the highest possible level of service. Our personalized research and attention pays off for you - the home buyer and real estate investor.
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