Pending home sales hit 21-month high

Pending home sales rose to their highest level in 21 months in January, according to the National Association of Realtors, as agents signed more contracts for existing homes.

The seasonally adjusted index increased 2% month-over-month to 97 from a downwardly revised 95.1 in December. Signed contracts also jumped 8% over the year-earlier reading of 89.8.

The trade group's index marked its highest point since a 111.3 reading in April 2010, also the last time it topped 100.

Analysts polled by Econoday predicted 1.5% monthly growth, with a consensus range between a 1.1% drop and a 3% increase.

Lawrence Yun, NAR chief economist, said job growth and rising rental rates "are hopefully pushing the market into what appears to be a sustained housing recovery," despite wavering in the pending home sales. The index dipped in December from 96.9 in November.

"If and when credit availability conditions return to normal, home sales will likely get a 15% boost, speed up the home-price recovery, and thereby significantly reduce the number of homeowners who are underwater," Yun said in a release.

Pending sales grew 7.7% and 7.6% in January month-over-month in the South and Northeast, respectively, while West and Midwest sales fell 4.4% and 3.8%. All four regions, however, saw signed contracts increase from a year earlier, from 10.8% in the Midwest to 0.7% in the West. (Click chart to expand.)

About Ady Simion (Realtor and Public Notary)

Ady Simion was named in the Top 1% of all agents for NRT LLC a subsidiary of Realogy that operates a variety of real estate offices under brands such as Coldwell Banker, Sotheby's International Realty, Century 21, The Corcoran Group, and the technology-based brokerages ZipRealty and Climb Real Estate. NRT has 787 offices and 47,000 sales associates. Selling and buying property can be very stressful but with the right agent it can be profitable and a fun experience. Ady is also a Notary Public and being a people person he wants to help negotiate for his clients making their transactions as smooth as possible. Ady’s goals are simple: He wants to be the best source of information on the Los Angeles area Real Estate market, as he assists clients through each transaction with care and professionalism. He is proud of his large referral base of clients who have placed their trust in him over the years. Why him, when there are so many good people out there?!?! • Sellers will have their property exposed to the largest team of sales professionals in the world by far. Coldwell Banker Agents sale more homes than anyone else. • Buyers will have the opportunity to view more properties exclusively. • And most importantly when you hire him you get a whole team working for you not just “only one person”. Ady Simion started his Professional Career as an Insurance Agent, and then mastered the Mortgage Industry focusing on helping buyers and sellers achieve their life dreams. He now is an Agent with the Largest Residential Real Estate Company in the nation and the world, Coldwell Banker, at the Pasadena office which is the leader in the areas in which he specializes. After finishing College Ady has consistently been a Top Producer in every office/business he worked at. He speaks English, Romanian and Spanish. Real Estate is constantly changing and working with an agent that has been involved in the Real Estate buying/selling process most of his life is always beneficial for clients. Call, text or e-mail him or just stop by to say Hi and ask any real estate questions you may have.

Posted on February 28, 2012, in enter blog category and tagged . Bookmark the permalink. Leave a comment.

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