Pending Home Sales Up

United States Pending home sales have edged up, hinting at a possible increase in sales activity in coming months. The Housing Affordability Index is also at record high.

The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in February, rose 2.1 percent to 82.1 from a reading of 80.4 in January, but is 1.4 percent below February 2008 when it was 83.3.

Also in February, NAR’s Housing Affordability Index rose to a new high.

Go now to: Realtor.org - Gain Seen In Pending Home Sales, Housing Affordability Sets New Record

Australian Bureau of Statistics data on Housing

ABS data released last week shows that the number of building approvals increased by 7.8% in seasonally adjusted terms during the month of February 2009, the first monthly increase since June 2008. The figures are an indication that low interest rates and Government initiatives are translating into increased demand for housing.

There were also positive news from the ABS released this week with Housing Finance data for February showing an increase in the number and value of dwelling commitments. The total value of dwelling commitments increased 1.3% in seasonally adjusted terms, and the total number of dwelling commitments increased 0.4% over the month.

The most encouraging statistic was that the number of first home buyer commitments as a percentage of total occupied housing finance commitments increased to 26.9% in February, the highest proportion since the ABS began this series in 1991.

Source: Real Estate Institute of Australia

Existing-Home Sales Rise In February in the U.S.

According to the National Association of Realtors existing-home sales increased in February, reversing losses in January. Sales activity remains relatively soft, reflecting additional layoffs and buyers waiting for housing provisions in the economic stimulus package to take effect.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 5.1 percent to a seasonally adjusted annual rate1 of 4.72 million units in February from a pace of 4.49 million units in January, but are 4.6 percent below the 4.95 million-unit level in February 2008. Seasonal adjustment factors are more volatile in winter months, but sales rates over the past few months show dampened sales activity.

Go now to: Existing-Home Sales Rise In February: The National Association of Realtors^®