It was reported today (June 9) by The National Association of Realtors that “pending home sales” for April of previously owned U.S. homes were up a surprising 6.3%- vs. an expected decline of ~1.0%.
It should be noted that this data is for April not May and is not as much of a leading indicator as it could be if the data reported was more current. The “sales pending” number of 33 for Longmeadow that I reported in my previous post was as of June 5- not April 30.
There are a couple of interesting points from the reports that I read earlier today…
“Bargain hunters have entered the market en masse, especially in areas that have experienced double digit price declines, but it’s unclear if they are investors or owner-occupants.” – Lawrence Yun, National Association of Realtors
Data from a recent blog post, showed that over the past seven months Longmeadow’s median sales price has dropped from ~ $350,000 to ~ $296,000- a 16% drop.
Many observers have predicted that we will be at the bottom of the housing crisis when home prices stabilize.Again, in a recent blog post the median sales price for Longmeadow seems to have stabilized at ~ $295,000 – $300,000 for the past three months.
Perhaps, we are at the beginning of the recovery for home sales in Longmeadow….. stay tuned.