Slight Improvement In Pending Home Sales Report

There is good news from the recent Pending Home Sales Report released by the National Association of REALTORS, showing an increase in the number of new contracts across the US.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 2.4 percent to 90.9 in June from 88.8 in May and is 19.8 percent above the 75.9 reading in June 2010, which was the low point immediately following expiration of the home buyer tax credit. The data reflects contracts but not closings.

Tallahassee also showed an increase in pending home sales during the months of June and July, which hopefully is the beginning of a Real Estate Recovery in Tallahassee, Florida.

The first real sign of a real estate recovery will be found in the pending home sales graph, as it takes new contracts to create new real estate closings. We will continue to monitor the trend of pending home sales and report back on a regular basis. You can also receive weekly updates on market activity by getting your free subscription to the Tallahassee Real Estate Newsletter.