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Was 2012 a Better Year for Real Estate Than 2011?

There are still those questioning whether the housing market is truly making a comeback. We have decided to graph home sales over the last two years based on the National Association of Realtor‘s Pending Home Sales Report. We believe the graph removes all doubt.

The methodology for the report as per NAR:

The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales; it coincides with a level that is historically healthy.”

2 replies
  1. Ruthmarie Garcia Hicks
    Ruthmarie Garcia Hicks says:

    I think it depends on where you are geographically. Buyers in my area are still very cautious and fickle and still digging around for bargains and playing real hard ball. The difference between 2011 and 2012 from my perspective is that there is no longer as much blood in the water and buyers are no longer fully in the drivers seat. They need to be more realistic, but a lot of them are still just kicking the tires, even when they can well afford to buy. The only thing that is booming around here is the luxury market.

    Reply
  2. CebVA
    CebVA says:

    All I see are short sales and foreclosures. If they are counting those as “pending sales,” they are not an improvement but a continuation of the damage and despair caused by the banksters.

    Reply

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