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NAR News (National Association of Realtors / 전미 부동산 중개인 협회)

Pending home sales down for month, up for year – Florida Realtors News * Coral Springs Asian Realtor jennyforhome *

* Coral Springs Asian Realtor jennyforhome *

WASHINGTON – July 26, 2012 – Pending home sales declined in June from May, but they marked 14 consecutive months of year-over-year gains, according to the National Association of Realtors® (NAR)

The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, slipped 1.4 percent to 99.3 in June from a downwardly revised 100.7 in May – but it’s 9.5 percent higher than June 2011 when it was 90.7. The data reflect contracts but not closings.

“Buyer interest remains strong, but fewer home listings mean fewer contract signing opportunities,” says Lawrence Yun, NAR chief economist. “We’ve been seeing a steady decline in the level of housing inventory, which is most pronounced in the lower price ranges popular with first-time buyers and investors.”

According to the Realtors Confidence Index, the buyer traffic index stood at 60 in June while the seller index was 41, which shows a large imbalance between buyer and seller interest. A value of 50 implies neutral market conditions; the disparity between buyers and sellers began to grow in early spring and has been unbalanced for the past two months.

“Any bank-owned properties that have been held back in markets with inventory shortages should be released expeditiously to help meet market demand,” Yun says. “Housing starts will likely need to double over the next two years to satisfy the pent-up demand for both rentals and ownership.”

The PHSI in the Northeast fell 7.6 percent to 76.6 in June but is 12.2 percent higher than a year ago. In the Midwest, the index slipped 0.4 percent to 94.4 in June but is 17.3 percent above June 2011.

Pending home sales in the South declined 2.0 percent to an index of 106.2 in June but are 8.8 percent above a year earlier. In the West, the index rose 2.6 percent in June to 111.5 and is 3.0 percent higher than June 2011.

Yun says there also have been delays in the closing process. “With record low mortgage interest rates, there has been a surge of refinancing on top of a higher level of home purchases, which has been creating delays recently in the closing process,” he says. “In addition, there have been some delays with recent foreclosure sales as banks take steps to ensure there are no paperwork problems. This is causing an uneven performance in sales closings, which is likely to continue, but we also see notably higher levels of sales activity compared with a relatively flat performance in the preceding four years.”

© 2012 Florida Realtors®

* Coral Springs Asian Realtor jennyforhome *

About jennyformiamihome

성심껏 도와드리겠습니다. 연락주시면 바로 상세히 답변드립니다. Jenny Shin / 신정미 부동산 (Broker's Real Estate) 남부 플로리다 마이애미 지역 한인 부동산 주택매매 렌트 싱글하우스 타운하우스 콘도 브라워드 카운티 마이애미 데이드 카운티 포트로더데일 웨스턴 코랄스프링 도랄 Rent or Buy single house, town house and Condo Miami Dade County / Broward County, fort lauderdale, coral springs, copper city, weston, doral 1398 SW 160TH AVE. SUITE 105 Weston, FL. 33326 Direct : 954-551-0236 Office : 954-384-1616 Fax : 954-697-0447 E-mail : jenny_shin62@hotmail.com

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JENNY SHIN PROFILE


Jenny Shin / 신정미 부동산
(Broker's Real Estate)
1398 SW 160TH AVE. SUITE 105
Weston FL 33326
Direct : 954-551-0236
Office : 954-384-1616
Fax : 954-697-0447
E-mail : jenny_shin62@hotmail.com

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