Pendings Rise Sharply, Inventory Falls
Pendings: 12,768 ( +748 from last week)
Pending Sfam: 10,926 ( +693 from last week)
AWC: 6,786 ( +217 from last week)
AWC Sfam: 5,829 ( +169 from last week)
Active: 33,074 ( -596 from last week)
Active Sfam: 26,835 ( -530 from last week)
Closed 2/28-3/6: 2,387 (-392 from last week)
Closed Sfam: 1,986 (-365 from last week)
Buying activity increased sharply, as pending sales climbed rapidly in the first week of the month. Active listings also continue to fall, as the combination of good sales totals continue to impact inventory. These are good numbers for us; if inventory continues to fall like it has, and remember the sales are running at a higher trend line, this summer could be the first year of a real improvement in housing fundamentals.
That being said, prices are still not recovering yet. It is highly likely that home prices will rise in March, and will almost assuredly be higher by April than where they are today. The influence of more lower priced homes selling than higher priced homes has a significant impact on lowering median prices. Simply put: more volume at lower prices will drag the median price.
No comments:
Post a Comment