The number of pending home sales tumbled 4 percent in November to the lowest level since the National Association of Realtors started collecting data in 2001.
That’s also a drop of 5.3 percent from last year.
Lawrence Yun, the chief economist of the NAR said that the weakening was inevitable, given mounting job losses and weak consumer confidence.
He’s also been predicting a year-end recovery for months.
In the south, pending home sales dropped 2.2 percent from last month, and were 12.7 percent below last year.
Harlan and Associates performs real estate closings throughout Georgia. Want to know more? Contact us and we’ll be happy to discuss how we can be of service to you!
0111, originally uploaded by > sëbastián <.
A key lesson is the critical importance of monitoring price/rent ratios, to ensure that house prices valuations stay within reasonable limits.