Pending Home Sales Up 7.4 Percent, 18.4 Percent in West
October 8th, 2008 • Related • Filed Under
This is good news as the combination of lower prices, low interest rates, and pent up demand may be coming to a head.
Pending homes sales in a report issued by the National Association of Realtors are up 7.4 percent in August compared to July, 2008. The numbers are up 8.8 percent over August, 2007.
While it is not time to crack open the champagne bottles, it is a sign that consumer demand and pricing are finding an equilibrium. Now we need to hope that the other external forces in the economy do not drag down the momentum that seems to have been built.
But after the meltdown on Wall Street does real estate look like the better investment now?
Pending home sales for August rose in all four of the regions tracked by the NAR.Gains amounted to 18.4% in the West, 8.4% in the Northeast, 3.6% in the Midwest and 2.3% in the South.July’s pending home sales index was revised to a decline of 2.7% from a prior estimate of a 3.2% decrease.NAR says pending home-sales activity rose because of buyers taking advantage of low prices and affordable interest rates. August’s results show an “unleashing of pent-up demand” before the credit crisis worsened in September, Yun said. via Marketwatch
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Comment by Michael Acord on 8 October 2008:
Its always going to be a better investment than stocks for those who know how to buy it. Any fool can ride the appreciation wave but one day that wave will hit the shore.
Comment by SM on 8 October 2008:
Don’t buy out of your means and you will be able to survive. The problem with many homeowners now is that they bought way outside of their means and are now paying for it.
Comment by Jennifer in Louisville on 10 October 2008:
I think real estate is generally a more secure investment because its has a physicality to it. You can actually walk on, touch it, feel it, and live in the home that you purchased. So even if you are living in a depressed real estate market, you still have something to show for the money that you are paying out each month.
Pingback by Home Sales Are Up in Some Areas : Real Estate Industry Watch on 10 October 2008:
[...] bit of good news that not everything in the real estate world is negative. Home sales are up in some areas. Overall, if you compare August 2008 to July 2008, pending home sales have increased 7.4%. And [...]