Nationwide Stats: November Pending Home Sales Down from October

The National Association of REALTORs (NAR’s) Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in November, dropped to 96.0 in November, a 16.0 percent decrease from October 2009. This decline came after a surge in activity in preceding months, as first-time homebuyers rushed to beat the original deadline for the homebuyer’s tax credit. While results looked gloomy month-to-month, the year-over-year PHSI jumped 15.5 percent.

In every region, November’s PHSI decreased month-to-month but increased year-over-year. In the Northeast, the index plunged 25.7 percent to 74.4 in November but was 14.7 percent higher than the same month in 2008. Coming in at 82.0, the Midwest PHSI fell 25.7 percent from October but jumped 9.2 percent from a year ago. In the South, pending home sales dropped 15.0 percent in November to an index of 97.8, a 14.7 percent increase year-over-year. In the West, November’s PHSI was 124.6, a 2.7 percent decline from October but a 21.4 percent surge from November 2008.

National news does impact our markets in the Prescott and Prescott Valley areas as we rely on those sales so people can move here and buy homes.  We are really waiting for California to start selling again as this is our biggest source of buyers.