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Pending home sales fell on the heels of a strong gain a month earlier as credit tightened and economic conditions deteriorated, according to the latest survey. The Pending Home Sales Index declined 4.6 percent to 89.2 from an upwardly revised reading of 93.5 in August, but is 1.6 percent higher than September 2007 when it stood at 87.8. Lawrence Yun, NAR chief economist, said pending sales have been above year-ago levels for two months in a row. “The month-to-month weakening in pending home sales is understandable, but because the index remains above year-ago levels it means we’re still in a broad period of stabilization,” he said. “Conditions remain mixed around the country, but markets that are showing annual sales gains include Long Island, N.Y.; Boston; Minneapolis; Denver and Washington, D.C., in addition to consistent solid gains in California and Florida.”
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View the forecast >
View Pending Home Sales Index>
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Did you know that even though one-third of all home buyers start their search for a home on the internet, approximately eight out of ten buyers eventually buy their home through a real estate agent or broker, and consider them a very important source of information? Nearly five out of ten buyers say the most important service their real estate agent can provide is guiding them to right home to purchase. This is just a small sample of the wealth of information that can be found in NAR’s 112-page 2008 Profile of Home Buyers and Sellers, which was released at the beginning of the month. It is available in the Realtor® store now for a member discount; non-members must pay full price.
Read the release >
Purchase the Profile >
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If you were unable to travel to NAR’s 2008 Annual Convention & Expo this year, here is your chance to catch up on what you missed. At the Residential Real Estate Forum, NAR Chief Economist Lawrence Yun gave a presentation on the current state of the housing market and his outlook for how the recession will affect the markets into next year and beyond. It’s a fast, clear way to get deeper insight into what is happening in residential real estate in this economy. Don’t miss this important presentation.
View presentation >
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At the Commercial Real Estate Forum, Dr. Yun gave his outlook for commercial real estate as well as presenting his insights on how the markets are doing currently. His presentation spanned the major sectors of commercial real estate, including retail and consumers, industrial and business, multifamily and population. For a thorough summary of how commercial real estate is faring in this economy, don’t miss this presentation.
View presentation>
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Wondering how to make the best of the statistics Research produces, but aren’t sure how to put them into practical use? This year’s Research session, lead by dynamic speaker and trainer Theresa Barnabei, offered some great tips on how to do so. Her presentation detailed how members can use the data in the 2008 Profile of Home Buyers and Sellers to know exactly what their clients are looking for in the buying and selling process. If you weren’t able to hear her speak or want a second look at her presentation, look no further.
View presentation >
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The NATIONAL ASSOCIATION OF REALTORS® issues the Existing Home Sales (EHS) Report on a monthly basis to provide accurate and timely information on the state of the U.S. housing market. In order to expand our EHS coverage to ensure that it is representative of national activity, we need your help! While there are over 500 Local Associations/MLS who already participate in the survey, we are continuously looking to expand and update our survey to provide the best data we can for you. To improve our coverage of home sales in your state or local area, we would like to invite all Local Associations/Boards/MLSs to participate in NAR’s monthly EHS survey. In many cases, all that is required is to press a button to update the form and complete the data submission.
More information >
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Every housing market is unique, and all real estate is local. That’s why NAR is working to bring you more information on the local level. These 150 separate local markets reports — which reflect data available through the first quarter of 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
These reports are available to members only and require a log in.
Find your local market >
How to read these reports > (342K PDF)
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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. NAR’s Research Division and the Real Estate Buyer's Agent Council (REBAC) have teamed up to create the Save Now With the Homebuyers Tax Credit brochure - an in depth resource that REALTORS® can provide to buyers regarding the Economic Recovery Act of 2008 and the Homebuyers Tax Credit. Don’t miss this valuable tool!
Buy the brochure >
Read the commentary >
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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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