Fort Lauderdale Real Estate: Pending Homes Sales in Florida Increase
Based on information released from the National Association of Realtors, the amount of home sales under contract increased in the month of July to the highest it’s been in the last two years. The Pending Home Sales Index is a progressive indicator which is weighed upon signed contracts. The Pending Home Sales Index has increased to 2.4% to 10.7% in the month of July. This is a an increase to 99.3 in June from the 90.5 numbers calculated in July of 2011 when the index was at 90.5. Keep in mind that this index is based upon the amount of homes under contract, not closed home sales.
An economist from the National Association of Realtors notes that the Pending Home Sales Index has reached its highest peak since April of 2010 which was a little before the deadline of the home buyer tax credit. Although month to month home sales haven’t reach a stable point, the housing market has recognized 15 months of continual improvement in the amount of the signed contracts for pending home sales. The lack of inventory has limited the amount of activity in the housing market. A spokesperson from the National Association of Realtors also stated that all areas in the United States have indicated increases in home buying activity minus the West. The west area of the United States has been hit the hardest by the lack of inventory in the market. The Pending Home Sales Index in the Northeast has seen an influx of .05% to 77 in the month of July which is 13.4% higher than numbers calculated from last year. In the Midwest, the Pending Home Sales Index has increased 3.4% to 97.4 in the month of July showing a 20.2% increase from June 2011. The amount of home sales under contract in the South has increased 5.2% to 11.7% in the month of July which is 15.6% higher than numbers seen a year ago. In the West region, the Pending Home Sales Index has declined 1.7% in the month of July to 109.9 but these numbers are 1.3% higher than data from June of 2011. The amount of home re-sales is forecasted to increase from 8% to 9% In the year of 2012. After these increases, the amount of home re-sales is expected to increase between 2012 to 2013. Over the next 2 years, home prices in the United States are projected to increase close to 10%. The lack in housing inventory has lead to the projection of consistent increases in home prices. Home prices are projected to increase to highs of 25% to 30% throughout this year. Since the amount of housing inventory is not expected to reach the rising demand, housing prices are projected to increase up to 50% in the year of 2013.
For More Information on the National Real Estate Market, Florida State Real Estate Market, South Real Estate Market, contact the Henri Frank Group at REMAX Preferred. Located throughout the South FLorida area, the Henri Frank Group knows the real estate market in Florida, Fort Lauderdale, Oakland Park, Wilton Manors, Miami, Plantation, Coral Springs and all through out the region. Go to their website at http://henrifrank.com
The Henri Frank Group at REMAX South Florida pending home sales has increased in August from July. And the expectation for Q3 2012 final real estate sales numbers will be an increase from Q3 2011. This steady climb in sales is an indicator that real estate sales in Wilton Manors and real estate sales in Fort Lauderdale continue to recover, since the majority of the home sales are in those areas for the Henri Frank Group.