La Jolla Real Estate, Del Mar real estate, Rancho Santa Fe Homes, Carmel Valley Real Estate, University City and
Downtown San Diego real estate, homes and condos for sale in California - Ruth Mills & the Mills Team, REALTOR.






Search the San Diego MLS
(includes all areas in San Diego County)



 June 02, 2009

April and March Show Increase in Pending Home Sales
In data obtained from the Pending Home Sales Index, (a forward-looking index which serves as an indicator) contracts which were signed in the month of April increased nearly 7% to an index rating of ninety point-three. This shows an increase from a reading of eighty-four point six in the month of March, and is also just over 3% from the index reading of April 2008.
The chief economist for the National Association of Realtors, Lawrence Yun, stated that they are seeing buyer responding to very favorable market conditions. Increased activity in the market throughout the coming months is expected due to the newly-offered eight thousand dollar first-time home buyer tax credit. To be eligible for the credit, buyers must finalize their home purchases by the 30th of November, 2009.

Here is a geographical breakdown:

In the West the index increased nearly 2% to a reading of ninety-four point eight. This is a decrease nearly 3% below April of last year.
In the South the index dropped under one percent to a reading of ninety point four. This reading is three and one half percent higher than 2008.
In the Midwest the index reading increased up nearly 10% up to ninety point four. This is just over 11% higher than 2008.
In the Northeast the Pending Home Sales Index increased just over 32% up to a reading of seventy-eight point nine. This is point eight percent higher than in 2008.

There are many different buyer assistance programs available around the country. Some states are currently offering what is referred to as bridge loans which enable first time buyers to utilize the tax credit towards the down payment on their home purchase. Savvy buyers would be wise to look into the various non-profit and government assistance programs which may be available in their area of the country.