Today, the National Association of Realtors released the Pending Home Sales Index for contracts signed in December 2008. On a seasonally adjusted basis the index was at 87.7 up from 82.5 in November 2008 and up from 85.9 in December 2007. 2001 was previously the slowest year for pending home sales on record. Without seasonal adjustments, November 2008 was 17.0% lower than November 2001's sales pace. The increase in month over month pending sales were due to strong seasonally adjusted gains in the Midwest and South. The increase in the year over year pending sales was mainly due to strong sales in the West. Seasonally adjusted the West saw a decrease of 3.7% month over month but an increase of 17.5% year over year. The Midwest and South increased by an average of 12.9% month over month but increased by only an average of 0.2% year over year.
The NAR made a downward adjustment in their median home sales price forecast for 2009 to $192,800. Just a few months ago, their forecast for median sales prices in 2009 was $215,800. The NAR is forecasting the median home sales price for 2010 to be $201,700.
Pending sales have settled down over the last 12 months. However, the foreclosure mix has been rising.
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