Pending Home Sales Increase for the 5th Consecutive Month

Could it be that we’re nearing an end to the housing slump? To read our recent post on New Hampshire Real Estate Market Update and now this article announcing the fifth consecutive monthly increase in pending home sales, it would look that way.

Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors®…

Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. “Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower priced homes,” he said. ”Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30.”

Pending Home Sales up for Fifth Consecutive Month
RISMEDIA, August 5, 2009