Today, the National Association of Realtors (NAR) released their Pending Home Sales Report for January showing a 6.4% year-over-year decline in pending home sales nationally despite a 13.5% increase in pending sales seen in the heavily foreclosure laden markets of the west region.Meanwhile, the NARs chief economist Lawrence Yun continues to spin his tales of improved housing affordability while embracing government funded handouts for his industry.
“Even with many serious potential home buyers on the sidelines waiting for passage of the stimulus bill, job losses and weak consumer confidence were a natural drag on home sales, … We expect similarly soft home sales in the near term, but buyers are expected to respond to much improved affordability conditions and from the $8,000 first-time buyer tax credit.”
The following chart shows the national pending homes sales index since 2005 compared monthly. Notice that each year, the months value is decreasing fairly consistently (click for larger version).
The following chart shows the national pending home sales index along with the percent change on a year-over-year basis as well as the percent change from the peak set in 2005 (click for larger version).
Look at January’s seasonally adjusted pending home sales results and draw your own conclusion:- Nationally the index declined 6.4% as compared to January 2008.
- The Northeast region declined 19.7% as compared to January 2008.
- The Midwest region declined 13.8% as compared to January 2008.
- The South region increased 9.1% as compared to January 2008.
- The West region increased 13.5% as compared to January 2008.
