Friday, October 10, 2008

More Real Estate Facts!

Statistics can be misleading. Years ago I decided I wanted a better perspective on what the numbers mean. Every Monday I update my statistics on the local market. I’ll share my Monday update as well as other statistical information that comes my way.

Today’s info comes from news headlines:

August pending home sales jump 7.4 percent: NARWednesday October 8, 10:05 am ET
NEW YORK (Reuters) - Pending sales of existing U.S. homes unexpectedly jumped in August to the highest level in over a year, data from a real estate trade group showed on Wednesday.
The National Association of Realtors Pending Home Sales Index, based on contracts signed in June, rose 7.4 percent in August to 93.4 from an upwardly revised index of 87.0 in July.
The August reading was 8.8 percent higher than a year earlier, and the highest level since 101.4 in June 2007.
Economists polled by Reuters ahead of the report were expecting pending home sales to drop by 1.8 percent.
The association's senior economist Lawrence Yun said home buyers responded to improved affordability, with home prices low and mortgage rates down after the government takeover of Fannie Mae and Freddie Mac.

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