Montgomery AL Real Estate Sales Statistics - Nov 2009

Friday, December 18, 2009

by The Hat Team

Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.

Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. “Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” he said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.

Let's look at November Montgomery AL real estate sales statistics to see how the housing recovery is progressing locally.

Montgomery AL real estate sales statistics for November show pending sales have decreased by 2% in 2009 compared to November 2008. The average sales price increased by 17% to $152,392 while sold listings were up by 4% from 2008. Market times were 28 days more than 2008.