Pending Home Sales Index... Continued Cooling Trend Visible
Today, the NAR released it's Pending Home Sales Index data, which is a good leading indicator of what the real estate market is doing. I reviewed the data and it cooling but I decided to chart it to give a real picture of the real estate market. As you can see... the real estate market has been slowing since a peak of mid August 05.
I indicated in my previous post regarding this data, there is a significant cooling trend of the housing market. Lower pending sales = lower actual closed sales next month. This does not take into effect home prices but lower sales volume will eventually point to lower home prices.
If you are thinking of selling your home in the near future, pricing your property correctly the first time, will become more important than ever as prospective buyers will have more inventory of homes for sale to select from, thereby increasing the competition between real estate listings.
Data Source: National Association of REALTORS Pending Home Sales Index
Chart by: Jessie Beaudoin, For Sale by Owner Center.com
1 Comments:
Nice chart, Jesse. It does a great job of illustrating the trend. In follow up to your point about valuation, there are several internet resources available to homeowners to assist them in determining the home's valuation. I've got a few relevant to the Seattle area on my blog at http://residentialrealestate.blogspot.com/2005/12/housing-market-info.html.
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