South Florida Real Estate Market Pending Home Sales Increase
Studies from the National Association of Realtors show that the amount of pending home sales in the United States has shown consistent growth compared to last year for 14 months. The Pending Home Sales Index notes that the amount of home contractsin June has declined 1.4% from 100.7 to 99.3 since May. Despite the decrease in home contracts, this number is almost 10% higher than the amount of contracts in June of last year and is not based on the amount of actual closings. Economists note that this decrease in the amount of contract signings is due to the lack of housing inventory and that the market is still thriving. The lack of inventory is mostly seen in the homes with lower prices that are ideal for investors and first time home buyers.
The Realtors Confidence Index portrays the disproportion in the amount of buyers compared to the amount of sellers on the market. In the month of June, the buyer traffic index was 60 and the seller index was 41 which depicted the drastic imbalance between sellers and buyers within the last couple of months. A balanced housing market will have an even split of 50 to 50 between sellers and buyers in the Realtors Confidence Index.
Economists portray that any properties owned by banks that haven’t been introduced to the market should be listed as soon as possible to help balance the supply and demand of the market. Projections show that the housing market will need to increase active listings by 50% for the next 2 years in order to keep up with the rental and home ownership demand.
Pending home sales in the Northeast of the U.S. decreased to about 8% in June but is still over 12% higher than numbers seen in the same month of last year. Pending home sales in the Midwest region of the United States have decreased by .04% but are still a little over 17% of numbers posted in June of 2011. Pending home sales in the Southern region of the U.S. have fallen exactly 2% but are still almost 9% higher than June of 2011 and the pending sales in the Western region of the U.S. have increased 3% since last year.
Economists have recognized deferments in the closing process of home sales due to the increase of refinancing as well as the increase of home sales. There have also been delays in the foreclosure sales process due to lenders taking the time to makes sure that all paperwork is accurate. These delays affect the closing process of home sales but a surge of in sales is expected to arise within the next few years.
SOUTH FLORIDA REAL ESTATE IS IN MARKET RECOVERY MODE
Here in South Florida, month after month the pending and closed sales are stable. The housing market here locally will not mirror that of other cities and areas through out the United States and even areas within the Sunshine State. Areas like Fort Lauderdale,Wilton Manors and Oakland Park in Broward County are showing increases in the volume of sales. City of Miami and South Beach remain stable and plans for future growth are developed.
To learn more about the Real Estate Market and the local market here in South Florida contact the Henri Frank Group at REMAX Preferred. With offices in Fort Lauderdale, Wilton Manors, Plantation and Hillsboro Shores they are conveniently located through out Broward County. They are central locations to anywhere in South Florida, Miami-Dade County and Palm Beach County. Reach the Group at their website at http://henrifrank.com or call them at 954-604-9999. FACEBOOK, TWITTER, LinkedIn, FourSquare, Google+ and other social media are utilized and the Henri Frank Group can be found. Search: Henri Frank Group.