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Homes for Sale: Pending Homes for Sale Increase

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Pending homes for sale increased in May 2009, the fourth consecutive month of gains. Housing prices have come down so much recently homes have become a lot more affordable than they were during the real estate bubble. The Government's first time home buyer tax credit is also helping spur home sales. Hopefully this is the turning point in the housing market.

Foreclosed homes for sale have also driven prices down across the U.S.  Some real estate markets like California, Florida, Nevada and Arizona have seen sharp declines in home prices. The sharp drop in prices is bringing buyers back into the market looking for a home for sale at barging prices.

The National Association of Realtors reported their Pending Home Sales Index increased 0.1 percent in May. The increase wasn't much but the last time there were four straight months of gains was back in October 2004.

Are you searching for current mortgage rates in your area? You can use our free mortgage rate tables. Find today’s mortgage rates in your zip code.

Here is an interview of the NAR's chief economist Lawrence Yun about pending home sales.

Author: Brian McKay
July 18th, 2009