Pending sales rise 14.9% in the West!
The National Association of Realtors released pending sales data today and the west region lead all others with a 14.9% monthly gain! Overall, pending sales nation wide were up 7.3% from last month. For those who wish to make a home purchase consider this. The affordability index is the best in years, interest rates at or near record lows, and now others are starting to make their moves into the market. All of this coupled with record low inventory levels and fewer properties going into foreclosure would indicated to me that the market is poised for a rebound. As I posted in the past few days, our market in Phoenix was the only one of the 20 city composite to show an increase in month over month pricing. There was an old saying, “Never fight the Fed”. One should also never fight market supply and demand fundamentals
