The National Association of Realtors’ index for pending U.S. home resales fell 3.2% in July (10.6% in the West).
The pending resales report is considered a leading indicator because it tracks contract signings. Closings, which typically occur a month or two later, are tallied in a separate report from the Realtors.
That being said, keep in mind that seasonality is very much in play (and pending resales were not down YOY in the West).
∙ U.S. Pending Home Resales Decline More Than Forecast [Bloomberg]
Talking about seasonality, where is the spike in listing that is supposed to happen in Sep and Oct???? For district 8
[Editor’s Note: See Big Swinging…Doors (And Here Comes The Competition) and expect another bump this Friday.]
But for the combination of Russian Hill, North Beach and Telepraph Hill, which is what I am consistently watching, there is 1 or 2 new listings since Sept 1.
Not to mention, condo sales for the month of August looked quite solid considering it is traditionally a slower month. August was quite near July volumes and medians, which were fantastic.
But we shall see what the fall brings.
Anon – Got a source or a link for the August condo numbers? Thanks.
“August was quite near July volumes and medians, which were fantastic.”
It’s too bad nobody told those people at The Met that lost their condos to foreclosure how fantastic the condo market is!
https://socketsite.com/archives/2008/09/bank_owned_with_big_views_for_now_at_the_metropolitan.html
anon where did you get your data that august was near July volumes and medians?
I have the following for listed condo sales
Condo
Aug 08: 194 sales, $685 mean psf, $725K median
Jul 08: 264 sales, $716 mean psf, $776.1K median
Aug 07: 283 sales, $716 mean psf, $720K median
so medians yes, volumes no