National Pending Home Sales Report

Posted by Joe Manausa on Wednesday, December 16th, 2009 at 11:59am.

Tallahassee housing reports support the NAR housing forecast for 2010. Real estate graphs of Tallahassee daily home buyer activity show increases for the past three months and appear to have pinpointed the housing market bottom in our past.

The National Association of REALTORS® recently released a few reports that I find interesting. First, they reported that there have been nine (9) consecutive months of gains for pending home sales, suggesting that the housing market is poised for significant gains:

The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2. Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. “Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” he said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future."

Pending Home Sales On The Rise In Tallahassee

When we look at a graph of daily new pending home sales in the Tallahassee MLS, we see that the Tallahassee housing market is trailing the national figures by about 5 months. Our pending home sales began rising in August of this year.

Graph of Pending Home Sales Report

National Association Of REALTORS® Forecast Improvement In 2010

The second report released by the National Association of REALTORS® was a housing market forecast for 2010. With a focus on the Home Buyer Tax Credit, the forecast is for a stronger year:

In all, says NAR Chief Economist Lawrence Yun, 4.4 million Americans look to take advantage of the home buyer tax credit before it expires by the middle of next year. From the enactment in February of this year through October, NAR estimates 1.8 million households would have qualified to claim the first-time home buyer tax credit.

Now with the tax credit deadline extended till the end of June 2010 (for closings, with contracts signed by the end of April, 2010) and also available to many move-up buyers, an additional 2.6 million families would likely claim the home buyer tax credit.

Tallahassee Home Buyer Activity Increasing

Our local housing reports support the NAR housing forecast too. In the real estate graph below, daily home buyer activity has increased for the past three months and appears to have left a housing market bottom behind us.

Graph of Daily Home Sales In Tallahassee

Of course, time will tell whether any of us have polished our crystal balls, but I suspect we should be in for a much better year next year, though the number of Tallahassee home sales will still be below our historical norm. Look back here for my 2010 Housing Forecast coming up in the next few weeks. YCUZ96KF8FAA

Joe Manausa, MBA is a 26 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.

4 Responses to "National Pending Home Sales Report"

Gene Ward wrote: Joe:

Why isn't Highgrove listed as one of Tallahassee's neighborhoods??
GLW

Posted on Wednesday, December 16th, 2009 at 7:27pm.

Joe Manausa, MBA wrote: Hey Gene, great question...

With over 1,000 recognized neighborhoods in Tallahassee, there is only so much room in our current sidebar. The neighborhoods listed represent the ones having the most home sales each month.

However, we are currently rebuilding our web site to have an entire page devoted to Tallahassee neighborhoods. You will be able to search for any neighborhood in Tallahassee for which we have performed an analysis.

For the time being, here is a link to articles where we focused on or mentioned <a href="http://www.manausa.com/realty/highgrove/" rel="nofollow">Highgrove in Tallahassee</a>.

Posted on Wednesday, December 16th, 2009 at 7:35pm.

Nancy wrote: Why isn't Pine Tip Hills listed in your neighborhoods???

Posted on Friday, January 8th, 2010 at 11:45pm.

Joe Manausa, MBA wrote: Hey Nancy,

We are currently rebuilding our web site to have an entire page devoted to Tallahassee neighborhoods. You will be able to search for any neighborhood in Tallahassee for which we have performed an analysis.

With over 1,000 neighborhoods in Tallahassee, we have not yet blogged on Pine Tip Hills.... but since you asked, look for <a href="http://www.manausa.com/pine-tip-hills-home-sales" rel="nofollow">an article on Pine Tip Hills Home Sales</a> to be published on Monday morning (January 11, 2009). Also, you can use our fast home search to see the <a href="http://www.manausa.com/tallahassee-mls/pine-tip-hills" rel="nofollow">homes listed for sale in Pine Tip Hills</a>!

Posted on Saturday, January 9th, 2010 at 12:07pm.

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