Property Sales Reports & Signs Of Economic Recovery

Published this week via NAR:

NAR Expects Home Sales to Surge

By: Brian O’Connell
If what they say is true about how the real estate market lags behind other
indicators of economic health, then maybe we can finally believe that the U.S.
is reliably on a path of economic recovery.
The National Association of Realtors’ “pending” home sales measure for October, released this week,
shows that the U.S. housing market has already started on a big rebound.
October’s numbers show a “positive trend”, as the index climbed by 10.4% to 89.3% from a month earlier, which is
about 20% lower than October 2009, though the NAR says that last year’s
numbers were largely a product of the homebuyer’s tax credit. It’s what the
future holds that economists and homebuyers should be looking at, though.
The NAR defines its Pending Home Sales Index is “a leading indicator for
the housing sector, based on pending sales of existing homes.” The
the organization notes that “a sale is listed as pending when the contract has
been signed but the transaction has not closed, though the sale usually is
finalized within one or two months of signing.”
Our economy is based on some basic fundamentals such as the housing market. Most sources for jobs in the U.S. are directly or indirectly related to the housing industry whether service or product based. Existing and new home sales are a direct correlation to economic and job health by means of electrical, plumbing, carpentry and roofing jobs to various building products, appliances, fixtures, etc.

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