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Pending home sales declined on the heels of a weakening economy and with some buyers waiting for clarity on housing stimulus provisions, according to the latest survey. The Pending Home Sales Index fell 7.7 percent to 80.4 from a downwardly revised reading of 87.1 in December, and is 6.4 percent below January 2008 when it was 85.9. The index is at the lowest level since tracking began in 2001, when the index value was set at 100. Lawrence Yun, NAR chief economist, said the downturn in the economy also weighed heavily on the data. “Even with many serious potential home buyers on the sidelines waiting for passage of the stimulus bill, job losses and weak consumer confidence were a natural drag on home sales,” he said. “We expect similarly soft home sales in the near term, but buyers are expected to respond to much improved affordability conditions and from the $8,000 first-time buyer tax credit.”
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The recession continues to take a toll on the commercial real estate sector. In this series of Economists' Commentaries, Research details the latest developments in the Office and the Industrial sectors, with more to come in the Retail and Multifamily sectors.
Office Vacancies >
Office Investment >
Industrial>
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To help Realtors® meet their clients’ needs and succeed in today’s economic climate, the National Association of Realtors® is offering its roster of business-building resources to members for free or at significantly reduced costs through the association’s new “Right Tools, Right Now” initiative. Research is doing its part by offering many of its surveys, profiles, and other products free or at cost to members. This is a can’t-miss opportunity to get the tools you need from Research.
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Every housing market is unique. These Local Market Reports — which were updated this month and reflect data available through December 2008 — provide insights into the fundamentals and direction of the nation's largest metropolitan housing markets. Each downloadable report evaluates a number of factors affecting home prices, including:
-The health of the local job market
-Foreclosure rates
-Housing inventory
-Debt-to-income and mortgage-servicing-costs-to-income ratios
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How is the housing market in your state affecting the local economy? These reports, updated this month, outline the total economic impact of real estate related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending and title insurance. Find out how much the real estate industry is affecting the Gross State Product for your state. These reports are available to members only.
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Relocation Reports are a great free tool for Realtors®. Relocation Reports pinpoint which counties relocation clients are coming from/going to along with income information – that is, how many households from New York county, NY, Bucks county, PA, Bergen County, NJ, etc. moved to Palm Beach county FL and the relative income of the relocation clients coming from these counties. Relocation Reports are available for all counties in the U.S. and now you can access the report instantly online.
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Report compiled by NAR's Research Division.
Questions about this report? Contact Research at mdunn@realtors.org. |
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