The number of homes for sale that have gone under contract in the month of September 2012 has seen a slight improvement from August 2012 according to the National Association of Realtors. The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, showed an increase of .3 percent to 99.5 from 99.2 in August. The better news? A much larger increase of 14.5 percent from the 86.9 in September 2011.

“Home contract activity remains at an elevated level in contrast with recent years, but currently appears to be bouncing around in a narrow range,” said NAR Chief Economist, Lawrence Yun. “This means only minor movement is likely in near-term existing-home sales, but with positive underlying market fundamentals they should continue on an uptrend in 2013.”

HOMES FOR SALE PENDING CONTRACTS INCREASE

Pending home sales have continued to rise over the last 17 months consecutively and according to NAR, “leading to the solid recovery seen in closed existing-home sales this year.”

All regions experienced a double-digit increase over contract activity since September 2011, with the exception of the west due to limited inventory.

HOME AFFORDABILITY FORECAST

The NAR also reported, “Housing affordability conditions are forecast to remain favorable through next year, with the 30-year fixed-rate mortgage staying near record lows for the balance of this year but gradually rising to 4 percent in the second half of 2013.”

Read more about this at www.realtor.org.

HOMES FOR SALE

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SEARCH FOR HOMES

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