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A modest gain in the level of home sales is possible over the next couple of months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast.The Pending Home Sales Index rose 6.3 percent to 88.2 from a reading of 83.0 in March. It's the highest index figure since last October. Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. "Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it's unclear if they are investors or owner-occupants," he said. "Sharp price reductions are leading to a quicker discovery of price equilibrium points. The West is already seeing year-over-year gains in pending contracts."
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Research is working to bring NAR members more locally relevant information. We're continuously working on new projects that focus on state and local markets. The latest addition is the State Fiscal Conditions and Taxes study, which reviews state budget shortfalls and examines how property tax and transfer tax increases may affect home sales and values. Additionally, a county by county comparison of taxes and imputed rates is available as a supplement for each state. Find out how your state compares.
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During the housing boom, subprime adjustable rate mortgages were a vehicle of choice for many home buyers. These reports provide perspective on the loans' performance and the expected volume of resets for 2008-09.
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As a Realtor®, understanding what is affecting the housing market on the local as well as the national level is important for staying on top of the latest trends and planning for the future. Finding the time during a busy day to do so, however, can be difficult - especially since not everyone has a degree in economics. That is why the NAR Research Division has put together an overview of a few key concepts to provide you with some of the ideas needed to understand economic data released by NAR on the state of the housing market. In addition, these concepts may help to relate the general economic picture to specific questions about housing trends and values.
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NAR's Research Podcast Series provides timely, easy to understand analyses of different aspects of the economy by NAR's research economists. In the first of the series, entitled Recession - Are We Headed for One?, NAR's Managing Director of Quantitative Research Jed Smith outlines what a recession is, what it means, and whether or not our economy is headed for one. These podcasts will be posted twice a month, after the Pending Home Sales Index/Forecast and EHS releases. They are free for your listening enjoyment.
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The 2008 NATIONAL ASSOCIATION OF REALTORS® Member Profile,which presents the results of NAR’s annual survey of its members, details demographic and business characteristics, and business activity of REALTORS® during the past year. With comparative information in many areas, including income and expenses, compensation and benefits, use of technology, and web presence, this Profile offers valuable information and insights about the real estate industry.
Purchase the survey >
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The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey of 3,500 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions. Tell NAR what is going on in YOUR Market! It’s easy. Simply click the link below. We'll send you an e-mail once a month with five brief questions about your market expectations. We'll also send you the results of the latest survey so that you can compare your assessment with what others are saying. In addition, you'll be entered into a drawing to win a $50 American Express Gift Cheque.
Participate >
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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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