According to a recent report released by the National Association of Realtors (NAR), the Pending Home Sales Index is now more than the year-over-year levels for the first time in 11 months although the increase last September was only small.
The Pending Home Sales Index from September rose to 0.3% to 105.0 from 104.7 last August. It is now a percent higher than September last year where it was only 104.0.
Furthermore, it has reached the second highest level since September now that the index is above 100 for the fifth consecutive month.
“Housing supply for existing homes was up in September 6% from a year ago, which is preventing prices from rising at the accelerated clip seen earlier this year,” NAR chief economist Lawrence Yun said. “Additionally, the current spectacularly low mortgage rates should help more buyers reach the market.”
As for the regional statistics, the PHSI in the Northeast rose from 1.2% to 87.5 in September and is currently 2.9% above September 2013. As for the South, there was an increase in September of 1.4% to an index of 118.5 and is now 1.7% higher than last year. The Midwest index is presently below 4% from September last year as it saw a drop of 1.2% to 101.2 in September 2014. Lastly, West index is still 3.6% above from last year as it showed a slight reduction of 0.8% to 101.3 in September this year.
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