Tag Archives: Pending Home Sales Index

Mahoning Valley Market Report MVHR – October, 2010

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Absorption Rate Set another Report Record as Valley Prices Turn Down Again

MVHR - Six Month Median Price Trend - October 2010

MVHI Median Price Index (MPS) x $100

RE/MAX Valley Real Estate in its monthly Mahoning Valley Housing Report for October, 2010 reports that the MVHI Median Price Index (MPS) ( a 12 month moving average of the monthly median price) for a home in the Valley declines a modest 1.1% to $63,940. Even though the decline was modest, it was the third decline in five months and erased any vestage momentum remaining in home prices added by the Tax Credit.

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Gain in Pending Home Sales Hailed With Caution

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Pending home sales have increased for the second consecutive month, according to the National Association of Realtors®. But we’re far from out of the woods yet.

Pending Home Sales Increase

The pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence. - NAR

The Pending Home Sales Index,* a forward-looking indicator, rose 4.3 percent to 82.3 based on contracts signed in August from a downwardly revised 78.9 in July, but is 20.1 percent below August 2009 when it was 103.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

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Mahoning Valley Market Report MVHR – September, 2010

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Mahoning Valley Home Prices Start to Stabilize, but Absorption Rate Index Climbs to Record MVHR High.

MVHI 6 Month Median Home Price

MVHI 6 Month Median Home Price (x100) Click to enlarge.

RE/MAX Valley Real Estate in its monthly Mahoning Valley Housing Report for September, 2010 reports that the MVHI Median Price Index (MPS) for a home in the Valley saw a modest increase of 1.4 % to $64,648 in September after two straight months of declines. This small increase for the 12 month moving average came despite the unadjusted price for September being a whopping 20.7% over August. These two increases gives us reason to think that home prices have stabilized post tax credit, and at values higher than the big tax credit months of March and April.

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NAR: Unexpected Rise In Pending Home Sales

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Following a sharp drop in the months immediately after expiration of the home buyer tax credit, pending home sales have modestly risen, according to the National Association of Realtors®.

Pending Home Sales IncreaseThe Pending Home Sales Index,* a forward-looking indicator, unexpectedly rose 5.2 percent to 79.4 based on contracts signed in July from a downwardly revised 75.5 in June, but remains 19.1 percent below July 2009 when it was 98.1. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

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Pending Home Sales Edge Down As Expected

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Predictably, home sales expected to be considerably lower in the short term.

Pending home sales edged down with near-term sales expected to be notably lower in contrast to the spring surge when buyers rushed to take advantage of the home buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator, declined 2.6 percent to 75.7 based on contracts signed in June from an upwardly revised level of 77.7 in May, and is 18.6 percent below June 2009 when it was 93.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

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Pending Homes Sales – April Surge to May Dirge

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Following the home buyer tax credit driven surge, pending home sales fell a staggering 30 percent with the expiration of the deadline April 30 for qualified buyers to sign a purchase contract, according to the National Association of Realtors®.

Housing Report

Pending Home Sales

The Pending Home Sales Index (PHSI), a forward-looking indicator the housing sector, dropped 30.0 percent to 77.6 based on contracts signed in May from a reading of 110.9 in April, and is 15.9 percent below May 2009 when it was 92.3. The falloff comes after three strong monthly gains as home buyers rushed to take advantage of the tax credit. Here in the Midwest the PHSI index dropped 32.1 percent to 70.8 and is 20.2 percent below a year ago.  Continue reading →