The National Association of Realtors (NAR) reports that pending home sales, or homes “under contract,” rose for the 9th straight month ending in October. October’s number represented a 3.7% increase over September 09, and a 31.8% increase over October 2008. Also, October's new home sales rose 6.2% over Septembers and 5.1% over October 2008.
According to NAR’s chief economist this is mostly attributable to the pent up demand being unleashed by the home buyer tax credit which has now been extended into early 2010 with a provision for a tax credit for some qualifying existing home owners who plan to buy homes. Since the extended tax credit is set to expire in the spring / summer timeframe, we expect to see a rush of buyer activity in the early part of 2010 with a corresponding back up in mortgage applications and settlements.
Not that there won’t be homes to buy, the inventory of homes nationally is declining towards a more balanced market which is likely to make home prices more stable, somewhat less negotiable, and of course lend to stabilization of equity (wealth) of current homeowners.
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VR SAM is affiliated with Jobin Realty Manassas, 9327 Main Street, Manassas, VA 20110. 703 365-9090
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