Kristine Dugan, ABR, BS, CRS, SFR
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2012 Home Sales Looking Good According to NAR
Posted on January 21, 2012
NAR (National Association of Realtors) released its latest pending home sales index figure last week and for the second month in a row the index is up. But more than that, the index has broken 100. This is significant because the only time since the housing boom collapsed that the index has broken 100 is when the home owner tax credit was in effect. The fact that the index has returned to that level a year since the credit has been in effect means the housing market is strengthening completely on its own, without any stimulus.
Lawrence Yun, NAR chief economist, is upbeat about 2012 because in a number of areas indicators are pointing upward. Not only are home sales up but housing starts are up and home prices are stabilizing in many markets and heading up in some. In areas where they're still down, the declines aren't that great. More fundamentally, broader U.S. economic signs are looking positive, including the all-important jobs picture. About 100,000 job are being created a month, and that could rise to 150,000 - still not a quick enough pace to get us back to where we were before the downturn but the headwinds are in the right direction.
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