The National Association of Realtors just reported its’ seasonally adjusted index of sales contracts signed in April, surged 6.7 percent to 90.3, far exceeding analysts’ forecasts. It was the biggest monthly jump since October 2001, when pending sales rose 9.2 percent.
Sales contracts rose 1.8 percent in April from a month earlier in the West, but fell 0.2 percent in the South. Lawrence Yun, the Realtors’ chief economist, said: “we expect greater activity in the months ahead.”
Ian Shepherdson, chief U.S. economist at High Frequency Economics said: “Even if sales volumes rebound, home prices will keep falling under the weight of the massive inventory overhang,”
I remember in 2005 that it seems every month the paper reported that real estate sales were down by double digits though the values seem to be holding up. You would think an intelligent person would realize sales cannot drop by such a magnitude without values following. Now it seems to be the opposite..
San Antonio attorneys
I do see a slight decrease in inventory and an increase in sales over 90 days but I’m not buying it yet…it’s too early to see if the cycle continues.
Oakland lawyers