It's nice to finally be able to report some concrete good news about the sales trend in the housing market. The National Association of Realtors reported that there pending housing update was up for the fifth straight months in a row.
This is an index of how many homes have gone under contract in a given month. They reported a gain over the previous month's sales for five consecutive months. Just one or two months is not a reliable predictor, but five months is a solid indicator.
Inventories are still at higher levels, but the buying activity is picking up especially with first time buyers taking advantage if the $8,000 federal tax credit.
Kerryriley.com, kerry@kerryriley.com, Riley Real Estate of Richmond
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