The Pending Home Sales Index for contracts signed in July 2008 on a seasonally adjusted basis was at 86.9 down 2.8% from 89.4 in June 2008 and is down 6.4% compared to July 2007's figure of 92.8. Without seasonal adjustments, the index was down 6.0% compared to July 2007. 2001 was previously the slowest year for pending home sales on record. July 2008 was 12.9% below July 2001's sales pace. June 2008 was 6.1% below the 2001 level.
After slightly raising their 2008 median home sales price forecast last month, the NAR made a downward adjustment from $206,700 to $203,600. The NAR is forecasting 2009 median home sales prices to be at $208,500 (versus their projection last month of $215,800 for 2009). In June they had dropped their 2008 forecast by 4.1% from $213,700 to $205,000. According to Lawrence Yun, NAR chief economist, “Pending home sales are oscillating month-to-month, with the long-term trend essentially flat." Pending home sales start to slow down dramatically in the fall and winter months.
Sphere: Related Content
No comments:
Post a Comment