U.S. Seeing a 'Second Surge of Home Sales'?
Yesterday the National Association of Realtors released its pending home sales index for February, and the report indicates that the national real estate market was doing surprisingly well a couple months ago. The index rose 8.2 percent nationwide in February as compared to January, and it was up 17.3 percent year-over-year. Here in the Northeast…
Yesterday the National Association of Realtors released its pending home sales index for February, and the report indicates that the national real estate market was doing surprisingly well a couple months ago. The index rose 8.2 percent nationwide in February as compared to January, and it was up 17.3 percent year-over-year. Here in the Northeast the index was up 9 percent over January and 18.9 percent over February 2009. According to the Times, analysts had predicted the index would stay flat in February. Lawrence Yun, chief economist for NAR, said the index’s jump may signal the early stages of a second surge of home sales,” with the first-time buyer tax credit bolstering the market as it did last fall. Although it’s a bit of good news, home prices nationally are generally static, and foreclosures continue to rise.
Sharp Rise in Home Sales in February [NY Times]
Pending Home Sales Index [NAR]
Index image from NAR.
Be interesting to see what the Feb SAR rate for ’08/’07/’06 are to do a proper comparison, since pretty much everyone agrees that Q1/09 was the lowest of the low in terms of sales volume.
>>Or, if you were invested in Fall 2008 you went down with the ship. And yes Dave, we know you are ‘above your high-water mark’ from mid 2008. But your results aren’t typical.
We’re actually above Fall 2008 levels now, but strictly speaking if you invested in the fall of 07 and continued holding through 2008, yeah, you’re still down a bit. Then again, if you’re a long term buy-and-hold type, this conversation really isn’t for you.
Also, while not universal, dibs’ results are fairly typical of active investors and professionals.
meant to say since he was 7…
I’d say that means DIBS has been looking at stock charts for 7 years or so?
I’ve been looking at stock charts since you were in diapers.
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How old are you????
I’m 48.
As far as the market predicting this, if you weren’t invested in Mar 2009, you’ve missed the boat.
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Or, if you were invested in Fall 2008 you went down with the ship.
And yes Dave, we know you are ‘above your high-water mark’ from mid 2008. But your results aren’t typical. Congrats to you for that.
I’ve been looking at stock charts since you were in diapers. A bottom formation is hard to detect at times but doing so results in the most gain.
As far as the market predicting this, if you weren’t invested in Mar 2009, you’ve missed the boat.
ever look at a stock chart that’s trending down? they don’t usually go straight down, do they? didn’t think so….
Party like its 2007