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Pending home sales rise again as buyers capitalize on more inventory

Housing Wire

The index is benchmarked to 100 in 2001 and is moving closer to what could be regarded as normal levels of home sales activity. “Despite higher mortgage rates in November and persistent affordability challengers, buyers took advantage of more inventory as pending home sales reached the highest level in nearly two years. .

Inventory 435
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Jump in pending home sales foreshadows positive end to the market in 2024

Housing Wire

Despite the recent rise in mortgage rates, early indicators suggest that the housing market is pointed in the right direction. The PHSI is benchmarked at 100 in 2001. The latest signal comes from the National Association of Realtors ‘ (NAR) Pending Home Sales Index (PHSI), which shows sales in October growing 5.4%

Marketing 370
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Pending Home Sales Rise for Third Consecutive Month

Appraisal Buzz

An index of 100 is equal to the level of contract activity in 2001. First American Deputy Chief Economist Odeta Kushi noted, “However, mortgage applications–another leading indicator of sales activity–suggest that the housing market’s challenges remain. The record-high stock market is providing a boost for upper-end home buyers.”

Contracts 418
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The ugly side of housing: low inventory

Housing Wire

After eight months of consecutive gains, the consequences of low inventory finally caught up with the housing market in February. An index of 100 is equivalent to the level of pending sales in 2001. A healthy housing market is considered roughly six months of supply. Tightened supply was largely responsible for a 10.6%

Inventory 511
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Natural disasters like the LA fires will deepen the U.S. housing crisis

Housing Wire

The resulting housing market crash and the Great Recession led policymakers to overcorrect by tightening mortgage lending standards and limiting funds for new construction. In turn, millennials , who were just starting to enter the housing market, were faced with fewer choices as homebuilding activity fell to its lowest level in 60 years.

Lending 418
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Pending Home Sales Climb to Highest Level Since March

Appraisal Buzz

The amount of contract activity in 2001 is represented by an index of 100. Pending house sales are a good indicator of market conditions and typically follow existing home sales by one to two months. Further gains are expected if the economy continues to add jobs, inventory levels grow, and mortgage rates hold steady.”

Contracts 418
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Employment gains could help housing inventory

Housing Wire

“The prime-age labor force participation rate fell in the aftermath of the Great Recession and it took a decade to return to the pre-Great Recession average (2001-2007) of 83%,” Kushi said. The lack of available homes on the market is taking a toll on the marginal buyer who is feeling an affordability squeeze.

Inventory 514