Do you watch local and national market trends on a daily basis? Although the Atlanta home inspector is very busy inspecting homes, he does have time to take note of recent market trends from time to time. One tool used to gather information and determine market trends is: The Pending Home Sales Index, which currently indicates a strong housing market.
The Pending Home Sales Index is a monthly report which measures the number of homes under contract to sell, but not yet sold, nationwide.
According to data from the National Association of REALTORS®, February’s Pending Home Sales Index slipped from the month prior, to 96.5.
The index is benchmarked to a value of 100, which was the average of activity for the program’s inception in the year 2001. It also happened to be a year of historically-high levels of home contract activity. Therefore, a Pending Home Sales Index reading of 100 suggests a strong housing market nationwide.
The index has read north of 90 since October 2011.
On a regional basis, February’s Pending Home Sales Index varied :
- Northeast Region: -0.5 percent from January 2012
- Midwest Region : +5.7 percent from January 2012
- South Region : -3.3 percent from January 2012
- West Region : -2.6 percent from January 2012
Mild weather may have helped the Midwest Region last month but even regional data can only tell us so much. Like everything in real estate, housing data must be local to be relevant.
Throughout the South Region, for example, the area in which contract activity fell most on a monthly basis, there are states which performed better than the regional average, and states which performed worse. Furthermore, even within those states, there are some cities which over-performed, and others which underperformed.
It’s why we can’t put too much stock in national housing news. Buyers don’t buy nationally — they buy locally.
Today’s home buyers and sellers in Atlanta , therefore, should look beyond the national Pending Home Sales Index and into local market drivers. The Pending Home Sales Index can paint a broad picture of the U.S. housing market but for data that matters to you specifically, it’s not as widely helpful.
To get relevant, timely local real estate data, talk to a real estate professional.
If you plan to buy an Atlanta foreclosed home, therefore, have a real estate professional on your side. The internet can teach you much about how the GA housing market works, but when it comes to writing contracts, you’ll want an experienced agent on your side.
Do us a favor if you or someone you know is about to buy that foreclosure home, please recommend us to them, so that they really know what “As-Is” really is. When you find your foreclosure home, make sure that you get a thorough home inspection in Atlanta, GA from the home inspector Atlanta, GA, David Lelak of IHI Home Inspections, they serve Atlanta and all of North Georgia. Call us today at 404-788-2581 for a thorough home inspection in Atlanta. We won’t let you buy the money pit. You can also schedule your Atlanta home inspection today online. We create Peace of Mind One Atlanta home inspection at a time. Be sure to check out all the other reasons other customers chose IHI Home Inspections at our original website.