Sales in Santa Barbara Real Estate in '05 have been almost exactly what they were in '04. But home sales nationwide could reach record levels in May and June, according to NAR's Pending Home Sales Index (PHSI), a leading indicator for the housing market. Based on the number of transactions that have signed contracts but are not yet closed, the PHSI gauges home sales activity for upcoming months, as sales typically close within one or two months of contract signing. In April, the PHSI reached a record 128.2, a 9.2 percent increase over the PHSI one year earlier. An index of 100 or more generally indicates a high level of home sales activity.
On a regional basis, the South led the nation with the highest PHSI at 138.9, a 12.5 percent increase above April 2004. In the Midwest, the PHSI increased 8 percent to 123.8. The Midwest and Northeast regions also experienced annual increases, reaching 122 and 120.8, respectively.
Posted by gandlwoods at June 15, 2005 05:33 PM