Pending Home Sales Report Shows Up-Tick
The pending home sales graph below shows the 365 day trend analysis of new contracts submitted to the Tallahassee MLS. By measuring new contracts, we get a feel for what is coming over the next few months. If you saw the most recent post on closed home sales, then this report will give you an idea of how it will shake out over the next two months.
Very recent activity in the Pending Home Sales Index shows signs of positive movement. Remember, when we look at a 365 day trend, it shows the real market activity with seasonality removed (each point on the graph represents one entire year), thus when we observe the market rising, it is not because of the time of year.
The graph above shows that things have not been looking so great in the Tallahassee real estate market since the end of the Homebuyer Tax Credit, but recent activity shows positive signs for new contracts. I believe the main problem with the market is that 2/3rds of our traditional buyers come from Tallahassee as sellers first. Since many people are trapped in homes that are worth less than their mortgage, this group of buyers cannot move as they are failing to sell their homes.
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