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Pending Home Sales continue to Rise!

When a home seller accepts a contract on an MLS-listed property, the property's status changes from "Active" to "Pending".This means the home is scheduled to sell, but not yet sold.Each month, the National Association of Realtors® tallies the number of pending homes and publishes the data as the Pending Homes Sales Index report.In October, for the 9th straight month, the index gained. It's the longest such streak in Pending Home Sales history.Because a "pending" home sale is just a contract between buyer and seller, it's not as important to the economy as actual home sales. However, the Pending Home Sales Index can be a fine predictor of future activity.

Historically, 80 percent of homes under contract "close" within 60 days, and most others close within 120 days. Recent Existing Home Sales data corroborates this. Home sales activity is at its highest pace in nearly 3 years!

 Homes are going under contract at a dizzying pace. It's thinning out home inventory supplies and pressuring prices to rise.

This chain reaction is what makes Pending Home Sales Index worth tracking. As the number of homes under contract increase, home prices can't be far behind. 

If you are in the market for a new or resale home, take advantage of current prices before they rise again and use the homebuyer's tax credit before it expires in April, 2010. 

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