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Pending Home Sales Index and Existing-home Sales
The Pending Home Sales Index (PHSI), based on contracts signed in June, rose 5.3 percent to 89.0 from a downwardly revised reading of 84.5 in May, but remains 12.3 percent below June 2007 when it stood at 101.4. The PHSI jumped 9.3 percent to 92.4 in the South; rose 4.6 percent to 101.0 in the West; increased 3.4 percent to 79.6 in the Northeast and rose 1.3 percent in June to 79.6 in the Midwest. Lawrence Yu, NAR chief economist, said, "This is welcome news because a rise in contract activity is necessary for an overall housing recovery. With a tax credit now available to first-time home buyers, increases in home sales could be sustained with the momentum carrying into 2009.”
Existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 3.1 percent to a seasonally adjusted annual rate of 5.00 million units in July from a downwardly revised level of 4.85 million in June, but are 13.2 percent lower than the 5.76 million-unit pace in July 2007.
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Realtors report that sellers drop their prices significantly when homes for sale saturate the market. Current buyers in most, but not all, of the nation’s cities are benefiting from sellers desperate to sell their homes for sale due to relocation or finances. You can get still more information about home buyers which I browsed on internet can fetch you help.
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