National Association of Realtor's has just released pending home sales for the month of December 2008 and the outlook for real estate is looking up!
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in December, rose 6.3 percent to 87.7 from an upwardly revised reading of 82.5 in November, and is 2.1 percent higher than December 2007 when it was 85.9.
The largest increases were in areas where there were bigger improvements in home affordability. NAR’s Housing Affordability index rose 10.9 percent in December to 158.8, the highest on record. The HAI shows that the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970.
This is great news for Seller's, they will start to see an uptick in home showings. Of course, conversely, bad news for Buyer's as they will begin to compete for their dream homes.
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