Harrisburg PA Homes for Sale Blog: Pending Home Sales Point To Seller's Market This Summer

This is a real estate blog with lots of community information, homes for sale in Harrisburg and Hershey, new construction tips, info for selling your home, and help for first time home buyers.

Pending Home Sales Point To Seller's Market This Summer

Some great news out of the National Association of Realtors.

To get information on Central PA's Real Estate Market in the Harrisburg / Hershey area, contact me at 717 514-1793 or Ken@KensHomesales.com

Pending Home Sales (2010-2011)

The National Association of REALTORS® Pending Home Sales Index rose for the third straight month last month.

A "pending home sale" is a home under contract to sell, but not yet closed.

The Pending Home Sales Index rose 5 percent in March, posting its second-highest reading since April 2010. Not coincidentally, that month marked the expiration of last year's federal home buyer tax credit.

Home buyers and sellers in Collingswood would do well to watch the Pending Home Sales Index each month. This is because - unlike most government and private data - the Pending Home Sales Index is a "forward-looking" indicator.

Because 80% of "pending" homes close within 2 months, and a significant share of the rest close within months 3 and 4, the Pending Home Sales Index tends to correlate to future strength (or weakness) in housing.

The Pending Home Sales Index, in other words, is an excellent precursor to the Existing Home Sales report, issued monthly.

By region, the Pending Home Sales Index varied last month.

  • Northeast : -3.2% from February
  • Southeast : +10.3% from February
  • Midwest : +3.0% from February
  • West : +3.1% from February

All 4 regions were worse from a year ago.

As with everything in housing, however, we must remember that real estate is neither national, nor regional. It's local. Sales volume may be higher in areas like the Midwest, but that doesn't mean that all Midwest markets are experiencing similar gains, if any gains at all.

To get local real estate data,talk to a real estate agent that specializes in that area. It's the best way to know what's happening on the street level.

Jamie Russen
Licensed Loan Originator, NMLS # 95705
Description: AnnieMaclogo.gif
 
  Jrussen@annie-mac.com
700 East Gate Drive, Suite 400
Mount Laurel, NJ 08054
Tf: 866.312.6682 Ext. 386
Ph: 856.505.6718
Mob: 856.952.3070
Fx: 866.302.4621
www.anniemac-mortgage.com

www.facebook.com/homebuyerresourcecenter

 

Harrisburg PA Real Estate Expert

Ken Huebsch: Your premier real estate agent in the Greater Harrisburg area.  I am a specialist in Harrisburg real estate as well as the communities of Palmyra, Hershey, and Hummelstown.  My wife Leslye and I have a combined 40+ years' experience serving our clients -We KNOW Harrisburg. When you plan to buy or sell Harrisburg area real estate, allow us to work for you.  We are dedicated professionals and are here for your success. 

For more information on how we can best serve your real estate needs, please complete our online contact form or give us a call.  Also, check out what our fabulous clients have to say about us on our testimonials page!

 

Cell: (717) 514-1793            Email: Ken@KensHomesales.com

 

Presented by KensHomeSales.com

  

facebook icon                                         youtube icon                                      google icon

 

 

Comment balloon 5 commentsKen and Leslye Huebsch • April 29 2011 09:45AM

Comments

It was up 18% here in the Tampa Bay area of Florida.  Thanks for the info.

Posted by Jeanne M. Gavish, Keller Williams Realty Elite Partners - CIPS,GRI,S (Jeanne Gavish, Keller Williams Realty Elite Partners) over 7 years ago

This might be optimistic for our county as we are over 12 months of supply in most school districts . But here's hopin !!!*L*

Posted by Michael J. Perry, Lancaster, PA Relo Specialist (KW Elite ) over 7 years ago

Boy, I agree Mike. We are no different that you. I have a couple Re-Lo's that I need to do bi-weekly reports on, and the supply is staggering. It's time for some happy news!

Jeanne, congrats. Send some our way!

Posted by Ken and Leslye Huebsch, Realtors - Harrisburg Homes for Sale 717.514.1793 (3x Individual Agent of the Year, Luxury Homes, First-Time Buyers, Residential Resales, New Construction) over 7 years ago

I am hopeful for a changing market . . . soon! I do have several settlements pending over the next 6 weeks, and I hope that trend continues.

Posted by Michele Myers, Harrisburg/Hershey Realtor (Prudential Homesale Services Group) over 7 years ago

Michele, Remember when we had several settlements pending this week...?!

Posted by Ken and Leslye Huebsch, Realtors - Harrisburg Homes for Sale 717.514.1793 (3x Individual Agent of the Year, Luxury Homes, First-Time Buyers, Residential Resales, New Construction) over 7 years ago

Participate