Thursday, October 05, 2006

Stabilizing Market?

Pending home sales are up, indicating a stabilization is taking place in the housing market, according to the National Association of Realtors. The most recent PHSI is based on contracts signed in August, rose 4.3 percent to a level of 110.1 from a reading of 105.6 in July.

David Lereah, NAR's chief economist, said the rise in the index is a hopeful sign. "Our sense is that home sales may have reached a low in August. The Pending Home Sales Index shows home sales should be fairly stable over the next two months, although a minor decline is possible," he said. "With fewer new listings coming on the market, we should be able to draw down the inventory supply early next year to the point where home prices will rise, but at a slower pace than historic norms."

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