Pending Home Sales Report June 14, 2010
Pending home sales measurements is our favorite way to predict future home sales so we look at the list of homes that are under contract and waiting for closing. These are what we refer to as “Pending Home Sales” and we can track them on a daily basis in the Tallahassee MLS.
The real estate graph below shows that after climbing up from what could very well be the absolute bottom of the housing market established in mid July and reaching just short of a two-year high, pending home sales are again falling in the Tallahassee real estate market.
This graph is the one-year trend of pending home sales, so the changes that we see are not due to any annual seasonality in any way (every point on the graph contains a full 365 days worth of information).
Unfortunately, the Federal Homebuyer Tax Credit ended at the end of April, and closings will continue for the next several months (the original June ending date has been extended for anybody who was under contract by the end of April). Unfortunately, this will do nothing to create new contracts and improve upon pending home sales.
Right now, the gains in market activity that were created over the past year seem to be reverting now that the tax credit has concluded. The next 30 days will be most informative as we watch home buyer activity in the post tax credit housing market.
Join us keeping a close eye on the Pending Home Sales Report at The Market Bulletin.
Great Real Estate Resource Sites
Do you want to know more about the Tallahassee real estate market? It is not as hard as you might think keeping up with the movements in the housing market, you just have to know where to look. The following realty resources are some of the best that you can find, and they are updated on a regular basis and are worth a book mark for people interested in the changing dynamics of the market.