Look at September numbers for the Newton real estate market. Even with the expiration of the tax incentives, number of sold single family homes sold in September 2010 increased over 2009.
Pending sales (contracts signed under agreement) are not quit as strong. According to the National Association of Realtors, the pending numbers project a continued recovery for the national view.
The Pending Home Sales Index,* a forward-looking indicator, rose 4.3 percent to 82.3 based on contracts signed in August from a downwardly revised 78.9 in July, but is 20.1 percent below August 2009 when it was 103.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, said the latest data is consistent with a gradual improvement in home sales in upcoming months. “Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market,” he said. “However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence.” –Realtor.org
To view more market reports for Newton and Brookline, including an 8 month snapshot for Jan – Aug 2010, visit www.YourNewtonMove.com.