Here is some more good news for everybody: Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors.
According to NAR’s chief economist, the “tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.” The reason is that many qualified home buyers have been staying on the fence due to market uncertainty, which has led to less sales than what would normally correspond to the country’s growing population.
Interestingly, the Northeast had the biggest increase from all other regions, at 44% more pending sales compared to October 2008.
Sales are up, yet prices are still low compared to some time ago. Sounds like a good time to buy a home!
