After strong back to back showings for Pending Home Sales in May and June the forward-looking indicator declined in July but remained significantly above year-ago levels, according to the National Association of Realtors®. All regions joined the monthly decline except for the West, which continues to show the highest level of sales contract activity.
According to RE/MAX Valley Real Estate’s Mahoning Valley Housing Report (MVHR) for July, single family residential sales (not seasonally adjusted) remain in the doldrums, falling 11.7 percent from 308 units in June to just 272 in July. However, sales this month did mark nearly a ten percent rise over July of 2010. The seasonally adjusted, month over month comparison of closed transactions dropped again for the 41st consecutive month.
Pending home sales increased more than expected in June following a disappointing downturn in April and then a strong showing in May, according to the National Association of Realtors®. Activity in June increased in the West and South but declined in the Midwest and Northeast; however, all regions show robust double-digit gains from a year ago.
According to RE/MAX Valley Real Estate’s Mahoning Valley Housing Report (MVHR) for June, single family residential closed transactions (not seasonally adjusted) fell 14 percent from sales recorded in May to just 308 units, and declined 11.7 percent from June 2010 (the last month of the tax credit give-away) when 349 units were sold in the Valley. The seasonally adjusted, month over month comparison of closed transactions also fell slightly, down again for the 40th consecutive month.
CoreLogic , a provider of information, analytics and business services, released its May Home Price Index (HPI) which shows that home prices in the U.S. increased on a month-over-month basis. According to the CoreLogic HPI, national home prices increased by 0.8 percent in May 2011 compared to April 2011, the second consecutive month-over-month increase. On a year-over-year basis, home prices declined by 7.4 percent in May 2011 compared to May 2010 after declining by 6.7 percent* in April 2011 compared to April 2010.
The Pending Home Sales Index a forward-looking indicator based on contract signings, rose 8.2 percent to 88.8 in May from an upwardly revised 82.1 in April and is 13.4 percent higher than the 78.3 reading in May 2010. The data reflects contracts but not closings, which normally occur with a lag time of one or two months.
This is the first time since April 2010 that contract activity was above year-ago levels, and the monthly gain was the strongest increase since last November when the index rose 10.6 percent.
Pending home sales , the data of which reflects contracts but not closings, and which normally occur with a lag time of one or two months, fell in April with regional variations following increases in February and March. According to the National Association of Realtors®, it was the combination unusual weather and economic softness adding to ongoing problems hobbling a housing recovery.
The Pending Home Sales Index (a forward-looking indicator the data of which reflects contracts but not closings which normally occur with a lag time of one or two months), rose 5.1 percent to 94.1 in March from a downwardly revised 89.5 in February. The index is 11.4 percent below 106.2 in March 2010; however, activity was at elevated levels in March and April of 2010 to meet the contract deadline for the home buyer tax credit.
FEBRUARY 2011
The Pending Home Sales Index, a forward-looking indicator, rose 2.1 percent to 90.8, based on contracts signed in February, from 88.9 in January. The index is 8.2 percent below 98.9 recorded in February 2010. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.
The Pending Home Sales Index, a indicator of future home sales, declined 2.8 percent to 88.9 based on contracts signed in January. This is down from a revised 91.5 in December. The index is 1.5 percent below the 90.3 level in January 2010 when a tax credit stimulus was in place. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.
RE/MAX Valley Real Estate’s Mahoning Valley Housing Report (MVHR) for January single family residential home sales fell to record lows for the MVHR both month over month and year over year. A disappointing performance, considering the promise displayed in December. Despite the malaise in sales prices continue stabilize as the median home price in the Valley increased slightly. The supply of active inventory fell again month over month, but not enough to keep the annual absorption rate from continuing to climb.