Pending home sales rose 4.3% in the month of August. This is great news, and is another SMALL sign of recovery. You might be asking why I feel this way? This is our first good look of how the market might adjust to the absence of the federal tax credit for first time home buyers. If you remember, this tax credit expired in mid summer.
Real estate analysts have been waiting to see if our market would crash without the help from government help.
Buyers are still out there putting offers down and closing on homes. Of course, we have a long way to go in the recovery process, but this is a positive step!