Fantastic news from NAR! The National Association of Realtors has released data showing that, nationally the number of pending home sales is up for the 8th month in a row – which is record breaking!
The Pending Home Sales Index, NAR’s forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9. The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.
NAR’s Chief Economist Lawrence Yun said what everyone was thinking – that the increase is due to first time homebuyers coming to the market – thanks to the tax credit and the market conditions. With 3 million renters estimated to be eligible for buying a home it is a great time to buy!
Here out west the increase was great! The index jumped 10.2 percent to 143.8 and is 23.7 percent above a year ago. Also as we recently reported there has been noise about price rises!
If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.
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Judy Kunisaki – CA DRE license 00963582
