San Francisco Real Estate - Residential

Pending Home Sales Reflect Stabilizing Market

The National Association of Realtors reported on December 4, 2006, "Despite a two-month decline, the latest pending home sales data tracked by NAR indicate a steady pace of home sales in the coming months, according to a recent report. In October, the Pending Home Sales Index (PHSI), which gauges home sales activity for upcoming months based on the number of transactions that have signed contracts but are not yet closed, stood at 107.2, down 1.7 percent from the previous month and down 13.2 percent from October 2005. A PHSI of 100 or more generally indicates a high level of home sales activity."

It goes on to say that it appears the housing market is stabilizing nationwide. In San Francisco it is as if buyers woke up after Thanksgiving. Although our office has no more meetings this year, we have seen the market begin to pick up with more and more ratified offers. The opinion is that low interest rates and low unemployment numbers are contributing to this healthy comeback.

- Mick Orton

posted by SFResidence.com @ 7:52 AM