Pending Home Sales Dip in January in Northeast and Nationwide
Posted 03-08-2010 at 08:22 PM by WhoFanMe
The National Association of REALTOR’s (NAR) Pending Home Sales Index, a forward-looking indicator based on contracts signed in January, fell 7.6 percent to 90.4 from an upwardly revised 97.8 in December, but remains 12.3 percent higher than January 2009 when it was 80.5. The index was originated in 2001 and a score of 100 represents the market at that time.
The index in the Northeast fell 8.7 percent to 71.3 in January but is 20.5 percent higher than January 2009. NAR Chief Economist Lawrence Yun blames the weather for January’s (and February’s expected poor results) on the unusual winter of storms, which have missed Maine, at least as of early March.
Unfortunately the index is not reported for individual states, so I can’t drill down to see how we’re doing in Vacationland. I have my doubts about the weather causing the downturn in numbers. If I had to move due to job transfer, expiration of a lease, or another major event, I’d figure out a way to dodge the weather and make the move. The other aspect of the numbers that I can see is that things were really crappy a year ago, much worse than we knew at the time. It is expected that things will pick up prior to the April expiration of the Federal tax credit for first time and repeat buyers, as there was a rush to close last fall, when the tax credit was due to expire. We shall see and I’ll report it here.
For more information about Maine Real Estate, visit MaineHouseValues.com
The index in the Northeast fell 8.7 percent to 71.3 in January but is 20.5 percent higher than January 2009. NAR Chief Economist Lawrence Yun blames the weather for January’s (and February’s expected poor results) on the unusual winter of storms, which have missed Maine, at least as of early March.
Unfortunately the index is not reported for individual states, so I can’t drill down to see how we’re doing in Vacationland. I have my doubts about the weather causing the downturn in numbers. If I had to move due to job transfer, expiration of a lease, or another major event, I’d figure out a way to dodge the weather and make the move. The other aspect of the numbers that I can see is that things were really crappy a year ago, much worse than we knew at the time. It is expected that things will pick up prior to the April expiration of the Federal tax credit for first time and repeat buyers, as there was a rush to close last fall, when the tax credit was due to expire. We shall see and I’ll report it here.
For more information about Maine Real Estate, visit MaineHouseValues.com
Total Comments 0
