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Real Estate
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Being Informed
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MATTERS
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Market Pulse: Real Estate Data
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A look at the latest existing-home sales and pending home sales data from NAR.
By Lawrence Yun | March 2009
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EHS
4.74 million
Existing-home Sales Seasonally adjusted annual rate, which is the actual rate of sales for the month, multiplied by 12 and adjusted for seasonal sales differences.
Source: NAR Research
PHSI
87.7
Pending Home Sales Index
The Pending Home Sales Index measures housing contract activity. An index of 100 is equal to the level of activity during 2001, the benchmark year.
Source: NAR Research
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Sales Spark Up
Both existing-home sales and NAR’s forward-looking Pending
Home Sales Index showed marked gains. EHS rose to 4.74 million units, up 6.5
percent from 4.45 million in November. Pending sales rose 6.3 percent, to a
reading of 87.7 from 82.5 in November.
"Buyers appear to be responding to the drops in home
prices and mortgage interest rates," says NAR Chief Economist Lawrence
Yun.
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Market Optimism Gains
Practitioners’ expectations for sales activity over the next
six months saw a rebound in January as low home prices helped drive up sales,
particularly in the West. Expectations for buyer traffic and overall market
activity increased, even as confidence remains low that more sellers will
emerge.
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