Pending sales continue to go down in September

Today we released the pending sales numbers for September and for the 5th straight month they have gone down compared to the year before.  While the pending numbers “are what they are” as Coach Belichick might say, I still think it is important to take into consideration what we are comparing.  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).  That meant, for the timing to work out, you really needed to make offers in August and September to have time to close.

The big question will be when the year is over.  How did 2010 stack up against 2009???

Here are the highlights:

  • Single-family pending home sales were down 19% compared to Sept. 2009
  • Single-family month-t0-month pending home sales were down 12.3% from August 2010
  • Condo pending home sales were down 27% compared to Sept. 2009
  • Condo pending month-to-month home sales were down 11.7% from August 2010

The National Association of REALTORS(R) recently issued its pending sales index, which showed that pending sales were in fact up in every region of the country, but the northeast.  Click here for the release.