March 19, 2010

Pending Home Sales Down - Severe Weather To Blame

Pending home sales are down and additional declines are expected from abnormal weather conditions, according to the National Association of Realtors®.

Moreover, the abnormally severe and prolonged winter weather, which affected large regions of the U.S., hampered shopping activity in February.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in January 2010, fell 7.6% to 90.4 from an upwardly revised 97.8 in December, but remains 12.3% higher than January 2009 when it was 80.5.

With prolonged bad weather in much of the nation, abnormal swings in housing data is not all that abnormal. The real question that remains to be seen is, what happens when the first time homebuyer tax credit expires at the end of April. Stay tuned…

Tags: home sales, housing, nar

Remember, Philadelphia real estate is our specialty. If you're looking for real estate anywhere in the Philadelphia, PA area, including: Center City, Art Museum, Bella Vista, Northern Liberties, Old City, Queen Village, Society Hill, South of South, Washington Square West, Chestnut Hill, East Falls, Fishtown, Manayunk, East Mt. Airy, West Mt. Airy, Overbrook Farms, Roxborough, Spruce Hill, University City or one of the many other areas we serve, we'd love to help you find the home of your dreams. If you'd like to search for Philadelphia real estate now, just click the "Search for Philadelphia Real Estate" link at the top or bottom of this page.