Here’s a quick-but-important message regarding pending home sales in the market.
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In April of this year, pending home sales actually dropped by 1.5%, according to the NAR of Washington, D.C. This was a modest change from the growth seen in the previous month. Only one of the four major regions of the country—the Midwest—experienced growth, while the remaining three regions reported a drop in their respective contract activity.
The pending home sales, according to the NAR, is a forward-looking indicator based on contract signings. In March, they were at 105.9 but fell 1.5% in April to 104.3.
Though the latest monthly figures show a mild decline in contract signings, mortgage applications and consumer confidence have been steadily rising.
Year-over-year contract signings declined by 2%, making this the
sixteenth straight month of annual decreases. Lawrence Yun, the NAR’s
chief economist, said that the sales dip has yet to account for some of
the more favorable trends toward homeownership such as lower mortgage
rates.
Though the latest monthly figures show a mild decline in contract signings, mortgage applications and consumer confidence have been steadily rising. It’s inevitable that sales will be higher in a few months.
As far as the local activity here in the Northeast, the Pending Home Sales Regional Breakdown indicated that actual signings declined by 1.8% to 88.9 in April. That’s now 2.1% lower than what it was a year ago.
In the Midwest, the index grew 1.3% to 96.8—2.4% lower than where it was in April of 2018.
If you have any questions regarding what’s happening with your specific property value or about what might be happening in your neighborhood, feel free to reach out to us. Let us know what we can do to make your real estate experience a pleasant one.
Though the latest monthly figures show a mild decline in contract signings, mortgage applications and consumer confidence have been steadily rising. It’s inevitable that sales will be higher in a few months.
As far as the local activity here in the Northeast, the Pending Home Sales Regional Breakdown indicated that actual signings declined by 1.8% to 88.9 in April. That’s now 2.1% lower than what it was a year ago.
In the Midwest, the index grew 1.3% to 96.8—2.4% lower than where it was in April of 2018.
If you have any questions regarding what’s happening with your specific property value or about what might be happening in your neighborhood, feel free to reach out to us. Let us know what we can do to make your real estate experience a pleasant one.
