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Aug
04

As The Pending Home Sales Index Falls, Las Vegas Home Buyers See Dollar Signs

By LasVegasShortSales

Pending Home Sales Dec 2008 to June 2010The Pending Home Sales Index failed to rebound from a cliff-dive in May, falling by another 3 percent more in June.  The index remains at record-low levels.

A “pending home sale” is a home under contract to sell, but not yet closed. The data is culled from local real estate associations and large brokers and accounts for 20 percent of all purchase transactions in a given month nationwide.

The Pending Home Sales Index is a future indicator for the housing market; there is a high correlation between the PHSI and the monthly Existing Home Sales report.  This is because of the relatively large sample set used for the PHSI, and because 80 percent of homes under contract close within 60 days, according to the National Association of Realtors.

June’s Pending Home Sales Index is weak by most measures, but if you’re a home buyer in Las Vegas, the headlines aren’t so bad. Fewer home sales can push negotiation leverage to the buy-side of a transaction.

Plus, there’s other positives in the market for today’s Las Vegas Homes buyers:

  • Home supplies are up, which creates competition among sellers
  • Builder confidence is down, which leads to “free” upgrades and incentives
  • Mortgage rates are low, which increases cash flow and disposable income

All things equal, the current home buying conditions haven’t been this favorable in years.

The falling figures in June’s Pending Home Sales Index hint that home sales will be down through the rest of the summer and into early-Fall. However, mortgage rates may not and higher mortgage rates can do more to change a monthly payment that a small reduction in home price.

If you’re planning to buy a home later this year, consider moving up your time frame.

It’s an excellent time to be a Henderson or Las Vegas Home buyer.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

Call Kathryn direct at 702-348-7191 to schedule a Las Vegas home buying consultation today.

Related posts:

  1. Existing Home Sales Plummet In July; Home Buyers Gain Leverage
  2. New Home Sales Drop In July — Just Like Existing Home Sales
  3. Existing Home Sales Drop In June But Hint At Support For Higher Price Tiers

Comments

  1. It seems that we had the same trends in california (SD) but the market is starting to stall here.. hopefully we will see a kick soon!

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