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Hart West Financial August 29, 2013 1 Comment

Pending Home Sales Indicates That The Housing Recovery Is Progressing

Pending Home SalesThe National Association of REALTORS reported Wednesday that pending sales of existing homes fell by 1.30 percent in July.

According to the organization’s Pending Home Sales Index, this was the second straight month that pending home sales dropped. July’s Pending Home Sales Index reading was 109.50.

Signed Purchase Contracts For Existing Homes Tracked In The U.S.

  • ·Northeast:  – 6.60 percent
  • ·Midwest:    – 1.00 percent
  • ·West:        – 4.90 percent
  • ·South:       + 2.60 percent

Pending home sales were 6.70 percent higher year-over-year on a national basis. This indicates that the housing recovery is progressing, but at a slower pace.

Short supplies of available homes have also impacted sales. In some areas homebuyers are facing competition from multiple buyers for individual homes.

Another report released earlier in the week showed that the pace of rising home prices also slowed. This connects with fewer pending home sales, as when demand for homes cools, prices are likely to fall as well.

Pending home sales serve as an indicator for future home sales, as purchase contracts typically lead to completed home sales within two to three months.

Housing Market Developments Could Delay Fed Stimulus Decision

The Federal Reserve has indicated that it may begin reducing its stimulus program of buying $85 billion per month in U.S. Treasury bonds and mortgage-backed securities.

The Fed has repeatedly stated that continued monitoring of economic trends would weigh heavily on its decision if and when to modify its current stimulus program.

Mortgage rates have risen more than a percentage point since May when the Fed began discussing potentially “tapering” its monthly bond purchases.

The Fed may interpret the slower pace of rising home prices and pending home sales as a sign that it’s not yet time to reduce its stimulus program. This could help with lowering mortgage rates, which are expected to rise when the Fed reduces its monthly securities purchases and eventually ends its stimulus plan.

Housing has led the economic recovery; faltering indicators in the housing sector suggest that the overall recovery is a fragile process.

Filed Under: Housing Analysis Tagged With: Housing Market,Federal Reserve,Mortgage Rates

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About Hart West Financial

Hart West Financial is a home mortgage firm licensed in Arizona, Colorado, New Mexico, Oregon, Utah, and Washington. They take pride in offering top-quality service and providing very competitive pricing due to their non-commission loan officer based business model. Call Hart West Financial today at 800-910-1937 to get your home loan approved today!

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Hart West Financial, Inc.
9805 E Bell Rd. Ste 120
Scottsdale Road, AZ 85260
NMLS #116830
AZ MB 0901832; CO 100008133; NM 01938; OR ML-2751; UT 5491769NMLC; WA MB-116830
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