Pending sales down again in October for sixth straight month

Today we issued the October 2010 pending sales release and for the sixth straight month the number of homes put under agreement have gone down compared to the year before.  However, on a month-to-month basis we did see an increase from September to October, which is positive.

I wrote this last month and I feel it should be repeated, because this will impact the comparisons for the remainder of the year.

“We are currently in a post-tax credit market.  Last year at the same time we were right in the middle of the initial first-time home buyer tax credit.  In fact, the deadline to qualify was November 30 (meaning you had to close by that time).”

Here are the highlights:

  • Single-family pending home sales were down 22% compared to Oct. 2009
  • Single-family month-t0-month pending home sales were up 0.6% from Sept. 2010
  • Condo pending home sales were down 31% compared to Oct. 2009
  • Condo pending month-to-month home sales were up 7.3% from September 2010

The National Association of REALTORS(R) will be announcing their pending sales index on Friday, November 5 at the NAR Conference & Expo in New Orleans.