August sees decline in pending property sales
Posted on Friday, September 28, 2012 at 4:14:13 PM
While August saw a slight decline in pending home sales, the overall national real estate market is slowly improving. The National Association of Realtors' Pending Home Sales Index reported that the pending sales declined 2.6 percent to 99.2 in August from 101.9 in July 2012. While the decrease is disheartening, numbers for August 2012 still show an annual improvement over the 88.9 percent recorded in August 2011.
"The performance in month-to-month contract signings has been uneven with ongoing shortages of lower priced inventory in much of the country, and across most price ranges in the West, but activity has remained at notably higher levels this year," said Lawrence Yun, chief economist for the National Association of Realtors.
This slight decline in pending home sales in August followed a two-year record. As mortgage rates continue to decline, the number of pending home sales may increase as potential property buyers apply for residential financing. Affordable mortgage options offered from high-quality institutions like Home Loan Investment Bank could give people the boosted confidence and financial security they need to sign a purchase agreement and become a homeowner.