Wednesday, March 04, 2009
Home Sales Down but Affordability Up
The National Association of Realtors® (NAR) reports that January pending homes sale numbers were down (is this a surprise?), reaching the lowest number since the NAR started reporting the Pending Home Sales Index (PSHI) in 2001. In that year, the PHSI was set at 100. At the end of January, this same index stood at 80.4.
Citing a "weakening economy" and home buyers "waiting for clarity on housing stimulus provisions", these numbers further demonstrate the nationwide real estate troubles.
On a brighter note, NAR's Housing Affordability Index was up in January of this year to a new record high. This index started in 1970.
To read more: NAR January home sale indices