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December 28, 2014

March/April 2012 Market Pulse

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March/April 2012 Market Pulse

Existing-Home Sales Rate For January

4.6 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 January 

97.0

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

 

Promising Start to 2012

Existing-home sales improved in January from the previous month by 4.3 percent, pointing to improved sales in 2012 if the trend holds. NAR’s forward-looking pending home sales index, with a 2 percent gain in January, also points to sales growth. The latest pending sales level, at 97.0, is at its highest in the last five years, not counting the spikes caused by the home buyer tax credit in 2009 and 2010.

 

 

 

Conditions Looking Up

Practitioners’ confidence in current and future market conditions is rising. They note that conditions today and over the next six months hold much more promise than they did at year’s end. No big changes are expected in buyer and seller traffic, though, which suggests a portion of the activity could be fueled by investors looking to buy existing foreclosures.

Results are based on 4,089 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.

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