Pending home sales index down, NAR says

TRD New York /
Jan.January 05, 2010 12:15 PM

After a flurry of activity to beat the original November first-time homebuyer tax credit deadline, fewer home sale contract signings were seen in November, according to the National Association of Realtors’ Pending Home Sales Index, which charts the number of pending home sales nationwide each month. Although November 2009’s index rating of 96 is still 15.5 percent higher than November 2008’s 83.1 rank, the score marks a 16 percent drop month-over-month. But while this drop in pending home sales activity is noteworthy, this drop was expected, according to Lawrence Yun, chief economist with NAR, due to the first-time homebuyer tax credit. Market-watchers can expect the same surge and decline pattern when the new first-time homebuyer tax credit deadline — April 30 — approaches, Yun said, adding that the index’s strength in year-over-year figures is a more accurate indicator of where the market is headed. “The fact that pending home sales are comfortably above [last year’s] levels shows the market has gained sufficient momentum on its own.” TRD

Related Articles

(Credit: iStock)

What’s wrong with J-51? Plenty, landlord reps say

Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Senator Brad Hoylman and Billionaires' Row (Credit: StreetEasy, NY Senate)

Pied-à-terre tax to make a return in Albany, lawmakers say

From left: New York Governor Andrew Cuomo, New York State senator James Sanders Jr., and New York City Mayor Bill de Blasio (Credit: Getty Images, iStock, and NY Senate)

“This program will either be a boom or a bust:” State senator has plans to redesign Opportunity Zones

212 Fifth Avenue and Jeff Bezos (Credit: StreetEasy and Getty Images)

June was the best month ever for New York’s luxury market. July is another story.

US home sales slide again in June as prices hit all-time high

US home sales slide again in June as prices hit all-time high

Tuscany, Italy (Credit: iStock)

Benvenuto! Why the number of high-net-worth individuals applying for Italian residency may spike

(Credit: iStock)

For one month, Manhattan’s resi market returned to glory. Why it won’t continue.