The National Association of Realtors said that because of rising inventories for months, soft prices and home sale activities the housing market would be stabilized.
It is said that in December the housing market rose about 4.9 percent according to The Pending Home Sale Index, the leading indicator housing market. This is said to be the largest increase since March 2004 when it rose up to 6.9 percent compared to the months way back
The NAR also narrates that the housing inventories for sale have been shrinking compared to those days that they reached their peaks especially during the month of July. NAR also said that their happy with the results of the pending index sale for the improvements they see. It stated that it has increased about 8. 1percent in the Northeast, 5.3 in the West, 3.2 in the Midwest and 4.3 percent in the South.
Nevertheless NAR stated that even though they see all these increase in the housing market this it is too soon to tell if the latest increases in the pending home sale activity can be considered a permanent trend towards stabilization or fluctuation. It all depends on the progress of the economy and the interest rates.
According to NAR diminishing of housing market at the end of the year is very common. NAR reports are helpful but if you’re planning for buying or selling you have to focus on the local scene. NAR also advises that if you’re planning to buy a house you have to consider this suggestion. Make sure that you ask for the help of local real estate agents to be able to help you for your questions regarding housing.