Pending Home sales up for June (auction, 5%, housing, percentage)

[FLBob]

It doesn't mean we've bottomed but I'll take good news when I get it.
The southern region (my area) reported a 9% increase. I know I'm receiving more buyer inquiries then seller inquiries for the first time in a couple years.

[KCfromNC]

They're up from last month, flat compared to two months ago, and down double-digit percentages compared to the same month last year. I'd wait for the actual sales numbers to start stabilizing year-over-year before getting too excited.

[chuck22b]

Considering the credit "crunch" started in August last year and a dramatic drop in sales occurred there forth... I could see Year over Year sales increases in reports to come. In Cali, we've had Y over Y increase in sales for a few months now. Anyhow, a 5%+ increase in pending home sales is a good sign for housing almost anyway you slice it especially since the "spring" bounce... is pretty much over.

"As sales increased 17.5 percent in June, the unsold inventory index for existing homes in California during the month dropped to 7.7 months from 10.2 months for the same period a year ago, according to a report released Friday."

"Statewide home sales remained above the 400,000 level for the second month in a row, and up nearly 18 percent from a year ago...sales in June also reflected a third consecutive year-to-year gain."

California home sales in June up 17.5%, unsold inventory index drops to 7.7 months - Silicon Valley / San Jose Business Journal:

-chuck22b

[chuck22b]

July 2008 RE report for California continues to show the trend of increasing sales in California accompanied by decreasing inventory.

Sales Up 43.4% Y/Y for the State, and up 176% in the IE!! With that many transactions moving, brokers, auctioneers, or somebody must be getting busy AND making money.

We're closing into the range of a "historical" balanced market inventory levels in California... prices should eventually follow suit as inventory continues to erode (especially in the hard hit markets). Obviously, Yun was somewhat right, that there are buyers out there and pent-up demand.

C.A.R. Reports SalesIncreased 43.4 Percent; Median Home Price Fell40.3 Percent in July - MarketWatch

Highlights:
"C.A.R.'s Unsold Inventory Index for existing, single-family detached homes inJuly 2008 was 6.7 months, compared with10months(revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate."

- 7.7 months (June) to 6.7 months (July).

"The median number of days it took to sell a single-family home was 47.550.7 days in July 2008, compared with 50.7 days (revised) for the same period a year ago."

-chuck22b

[scone]

Originally Posted by FLBob

It doesn't mean we've bottomed but I'll take good news when I get it.
The southern region (my area) reported a 9% increase. I know I'm receiving more buyer inquiries then seller inquiries for the first time in a couple years.

How DARE you be upbeat, you... you... cheerful person, you! I'm shocked! Shocked to my foundations!

[TristansMommy]

Originally Posted by FLBob

It doesn't mean we've bottomed but I'll take good news when I get it.
The southern region (my area) reported a 9% increase. I know I'm receiving more buyer inquiries then seller inquiries for the first time in a couple years.

Sales have upticked.. but that also correlates with prices having declined sharply (asking and selling).

[chuck22b]

Originally Posted by TristansMommy

Sales have upticked.. but that also correlates with prices having declined sharply (asking and selling).

Yup, what a concept, prices reaching affordability.... sales go up. The hardest hit areas should find a more solid price bottom as inventory dwindles. At least in areas that have growing population and can support the inventory run-up from the boom.

-chuck22b

[the painter]

Originally Posted by FLBob

It doesn't mean we've bottomed but I'll take good news when I get it.
The southern region (my area) reported a 9% increase. I know I'm receiving more buyer inquiries then seller inquiries for the first time in a couple years.

Hey FLBOB send some of those inquires to the pcola area, pllleeeeaaasee, I want a buyer!

[cohdane]

CONGRATULATIONS California! You all deserve some good news. To me, the inventory drop is bigger news than the sales/price data. Get supply/demand evened out and away you go!

Now...if California's inventory is dropping, which markets are responsible for pushing nationwide inventory to "record high levels"? Anyone, anyone? Bueller?

[FLBob]

Originally Posted by the painter

Hey FLBOB send some of those inquires to the pcola area, pllleeeeaaasee, I want a buyer!

I never said I had spare buyers....