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Of course, many of you reading the housing stats and bring up that this is as an indication of impending implosion. For example, the National Association of Realtors August 24th<\/sup> press release report on pending home sales indicated that pending home sales \u201c\u2026dropped slightly by 1.0% from June. It was the second straight monthly decline and the eighth in the last nine months<\/em>.\u201d There are however, regional differences, \u201cPending sales fell in three of four major regions, with the West posting a small increase<\/em>. Compared to the prior year, contract signings declined by double digits in each region, with pending sales in the West down 30%.<\/em>\u201d Pending home sales is a measure of how many homes went under contract during a specified period of time.<\/p>\n\n\n\n Existing-home sales (resale homes) also declined according to the National\nAssociation of Realtors. The NAR August\n18th press release reported that existing-home sales \u201c\u2026fell for the sixth\nconsecutive month to a seasonally adjusted annual rate of 4.81 million. Sales\nwere down 5.9% from June and 20.2% from one year ago.<\/em>\u201d<\/p>\n\n\n\n Although the contracts and sales are\nevening out, home prices continue to climb. As reported by the NAR, the median\nhome sale price increased 10.8 percent from the same time last year. According to National Association of Realtors\nChief Economist, Lawrence Yun, \u201cHome prices are still rising by double-digit\npercentages year-over-year, but annual price appreciation should moderate to\nthe typical rate of 5% by the end of this year and into 2023. With mortgage\nrates expected to stabilize near 6% alongside steady job creation, home sales\nshould start to rise by early next year<\/em>\u2026The ongoing sales decline\nreflects the impact of the mortgage rate peak of 6% in early June. Home sales\nmay soon stabilize since mortgage rates have fallen to near 5%, thereby giving\nan additional boost of purchasing power to home buyers.<\/em>\u201d<\/p>\n\n\n\n And for those of you who are interested in distressed sales, distressed sales (foreclosures and short sales) have been essentially unchanged over the last year. July sales comprised about 1% of distressed sales.\u00a0 <\/p>\n\n\n\n By Dan Krell
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