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The level of home sales is expected to show little movement in the months ahead, according to the latest projections. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, fell 3.2 percent to 86.5 from an upwardly revised reading of 89.4 in June, which had risen 5.8 percent from May. The July index remains 6.8 percent below July 2007 when it stood at 92.8. Lawrence Yun, NAR chief economist, said home sales continue to edge up and down. “Pending home sales are oscillating month-to-month, with the long-term trend essentially flat,” he said. “Overly stringent lending criteria imposed by Fannie Mae and Freddie Mac in the past month no doubt held back contract signings.”
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View the forecast >
View Pending Home Sales Index>
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You wake up one Monday morning to find Fannie (FNMA) and Freddie (FHLMC) no longer exist - that was a scenario that NAR staff have been contemplating during the past month. Well, the government has in effect taken over Fannie and Freddie this weekend and it is in fact Monday morning. The federal government had no choice because the capital situation of two organizations was insufficient to face the upcoming realities of rising mortgage defaults. Now what?
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It’s been a very difficult and challenging year for the real estate market, but there are some signs that point to recovery. In this video presentation, recorded at the Leadership Summit in August, Lawrence Yun gives his insight on the current economic conditions, and what they signify for the coming rebound.
Watch the video (34:33)>
Download the presentation (4.04M PDF) >
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In order to provide our members, the public, and the media with the most accurate picture of what is happening in housing markets across the country, it is important that we disseminate accurate, timely housing data. This is where you come in – we need housing data from your local market area! Here are a few great reasons to submit your data: you become the credible source for housing market information in your area; we can help you streamline your reporting process for greater accuracy; all data you submit are secure – we do not share your data with any third party unless granted permission. Contact us to find out more!
Contact us >
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Analyzing empirical data is always a good way to assess market trends. However, there are many trends that are difficult to quantify or not yet in the "data system" that can provide important information regarding the latest developments in the market place. The best way we know of to get an expert insider's look into local market trends is to ask the experts - YOU, our members, who experience what is going on in the field every day. If you have a story to share about your local market conditions, please send it to us.
Send us your story >
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The NAR Annual Convention is coming up fast. From November 7-10, tens of thousands of Realtors® will gather in Orlando to meet the best and the brightest in real estate and get the latest insights on housing trends, real estate products and education. Along with appearances by Lance Armstrong, Lionel Richie, Joe Theismann and Kool & The Gang, the Research Division will also be giving several presentations, including an economic update by Lawrence Yun – don’t miss it! Registration is open now.
Register here >
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As part of the Housing and Economic Recovery Act of 2008, a First-time Homebuyer Tax Credit is now available. However, this limited-time tax break ends in mid-2009. A homebuyer tax credit has been available for first-time homebuyers in Washington, D.C. for many years, and now first-time homebuyers nationwide can take advantage of a similar benefit.
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View the PDF (119K) >
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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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Report compiled by NAR's Research Division.
Questions about this report? Contact Research at mdunn@realtors.org. |
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