Pending Sales unexpectedly rise 6.3%
One of the most important indicators used by the housing industry; pending sales of resale homes rose 6.3% in the month of December. As prices drop from the downward pressure of foreclosures buyers are finally taking the plunge towards value. This is obviously a good sign.
According to www.bloomberg.com most economists had predicted that this indicator would be flat for the month. This comes just weeks after the announcement of a 6.5% increase in purchases of previously owned homes in the month of December. A category of housing that just so happens to account for 90% of our market. Time will tell if this trend continues, but as noted in my previous post, activity is up and my estimation is that we will see an increase in the month of January as well.
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