November/December 2011 Market Pulse
November/December 2011 Market Pulse
Existing-Home Sales Rate For September
4.9 million
This is a seasonally adjusted annual rate, which is the actual rate of sales for the month, multiplied by 12 and adjusted for seasonal sales differences.
Pending Home Sales Index For August
88.6
This index measures housing contract activity. An index of 100 is equal to the level of activity during 2001, the benchmark year.
Source: NAR Research
Sales Gain Despite Headwinds
Despite continuing tight lending rules, appraisal problems, and even Hurricane Irene, existing-home sales improved in August, only to fall off in September. NAR’s pending home sales index remained down in August but only slightly, 1.2 percent, from the month earlier. September pending sales were not available at press time.
Uncertainties Hamper Outlook
Practitioner confidence in current and future conditions remained down slightly in September, reflecting continuing sluggishness in the broader economy and negative credit news coming out of Europe. Europe’s troubles, which could have a spillover effect on U.S. banks, are likely dampening optimism.
Results are based on 3,637 responses to 6,000 surveys sent to large and small real estate offices. The survey asks practitioners to indicate whether conditions are strong (100 points), moderate (50), or weak (0). Responses are averaged to derive results.
About the Author
- © Copyright the National Association of REALTORS® unless otherwise noted.
- HEADQUARTERS: 430 NORTH MICHIGAN AVE. CHICAGO, IL 60611
- D.C. OFFICE: 500 NEW JERSEY AVE. NW WASHINGTON, DC 20001
Most Recent News & Commentary