New Homes Section: NAR Reports 17th Consecutive Month of Home Sales Increases
The National Association of Realtors reported a seventeenth consecutive month of pending home sales increases in September, and forecasts continued improvement throughout the rest of 2012 and 2013.
Gilbert, Arizona (PRWEB) November 01, 2012
The National Association of Realtors Pending Home Sales Index continued its upward trend in September. NAR Chief Economist Lawrence Yun predicted little major movement for the rest of this year but foresaw continued improvement in 2013. In the year-over-year analysis, September delivered the seventeenth consecutive month of pending home sales increases.
The West, where recovery continues to be constrained by insufficient inventory, lagged all other regions, which showed healthy increases in homes put under contract compared to one year ago. The South and West are, nevertheless, still outperforming the Northeast and Midwest.
NAR is predicting a slight rise (5%) in home prices and mortgage rates (4%) in 2013. Last month's increase of 0.3% was significantly lower than the 2.5%, which had been predicted by Bloomberg's surveyed economists. Bloomberg surmised that tight credit conditions and unemployment would continue to restrain the housing market's recovery.
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