Pending home sales rose again, marking eight consecutive monthly gains – the longest streak since measurement began in 2001, according to the National Association of Realtors®. The Pending Home Sales Index 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. Lawrence Yun, NAR chief economist, said the momentum is understandable. “What we’re witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month,” he said. “Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery.”
Click here for the NAR Pending Home Sales (PHS) chart.
—From NAR member e-mail update, 11/13/09
Earlier this year a man came and talked to our company about the state of the real estate market, both locally and nationally. He showed us where the real estate market has been, where it is now, and where it may be headed in the next few years. The information he presented was straightforward, easy to understand, and ultimately somewhat reassuring. This man is coming to Goose Creek in September. 
