INFO THAT HITS US WHERE WE LIVE…It’s good to show your best face to the world as the new year begins (see Business Tip of the Week, below) and that just got easier to do. Last week’s Pending Home Sales index from the National Association of Realtors (NAR) went UP 7.3% in November, hitting its highest level since April 2010! And that earlier reading was artificially boosted, as buyers rushed to beat the deadline for last year’s home buyer tax credit.
The NAR’s chief economist commented, “Housing affordability conditions are at a record high and there is pent-up demand from buyers who’ve been on the sidelines….The sustained rise in contract activity suggests that closed existing-home sales…should continue to improve in the months ahead.” The S&P Case-Shiller index for October showed minor price drops in 19 of the 20 surveyed metro areas, but the index was UP 1.9% from its post-crisis low in March 2011.
Moving forward look for a huge increase of inventory hitting the market and that will have a negitave impact on home values however will spark a buying spree. So on one hand is bad for the market but on the other hand it is great.
To stay up to date on all San Diego Real Estate contact Jason Coriano at 619.665.5360 or email for more information Jason@MetroSDRealty.com