Pending Sales are up in Jan. 2012, according to the newly released report by NAR (National Association of Realtors). It is the highest it has been since April 2010, which was when the First Time Homebuyer Tax Credit was still in place.
The Northeast area rose 7.6 percent to 78.2 in January, which is 9.8 percent above January 2011.
The Midwest declined 3.8 percent to 88.1 but is 10.8 percent above January 2011.
The South increased 7.7 percent to an index of 109.1 in January and is 10.5 percent above 2011.
The West fell 4.4 percent in January to 101.9 but is 0.7 percent above January 2011.
So overall, the Pending Home Sales are up 7.2%. Keep in mind that pending is just that......they are not yet closed deals, but many of them will be. That will help increase our Existing Home Sales statistics very soon.
The report also states that inventory is on it's way up. Thank goodness for that. There just doesn't seem like there is enough out there anymore, at least in the Denver area anyway, from which to choose for potential buyers.
I think this is a positive sign for the real estate market.