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Pending home sales eased against a deteriorating economic backdrop but remain in a stable range, according to the latest survey. The Pending Home Sales Index slipped 0.7 percent to 88.9 from an upwardly revised reading of 89.5 in September, and is 1.0 percent below October 2007 when it was 89.8.
Lawrence Yun, NAR chief economist, said a review of the past year is instructive. "Despite the turmoil in the economy, the overall level of pending home sales has been remarkably stable over the past year, holding in a generally narrow range," he said. "We did see a spike in August when mortgage conditions temporarily improved, which underscores two things - there is a pent-up demand, and access to safe, affordable mortgages will bring more buyers into the market."
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Since all real estate is local, interpreting changes in home prices at the national or metropolitan level can be difficult. Not only that, but with so many housing price measures it can also be difficult to determine what the data each series presents is saying about the housing market. In order to break down the various series and detail their differences, the Research Division has compared the four major home price indexes that market participants follow. They are the National Association of REALTORS® Median Sales Price, the Case-Shiller Index group, and two Conventional Mortgage Home Price Indices: one by the Office of Federal Housing Enterprise Oversight (OFHEO) and one by Freddie Mac.
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This 19-page report covers foreign investment in U.S. real estate with a breakdown of the major countries with significant holdings. The report explains that prospects are good for continued healthy investment in U.S. real estate, given the strength of foreign currencies in relation to the U.S. dollar. An overview of today's market and a forecast for the coming year are included.
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These downloadable 14-page reports look at international business activity by state, including the number of foreigners arriving from various countries, homeownership rates, and top exports.
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If you're looking for a great gift for a fellow Realtor® or a treat for yourself, the NAR Research store has a lot to offer this holiday season. From the NAR 2008 Profile of Home Buyers and Sellers to the Save Now with the Homebuyers' Tax Credit brochure, you're sure to find the perfect gift for yourself or someone you know.
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All of us at NAR Research are wishing you a safe and joyous holiday season, and best wishes for the New Year!
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Read daily commentaries by NAR economists on the latest developments in the real estate market.
View the Economists' Commentary page >
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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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