Homes sales continue to close and are on the move up across the country including Coral Gables homes for sale, reports the National Association of REALTORS® (NAR).

April’s Pending Home Sales

April was the third consecutive month showing a rise in pending home sales. The report indicates these numbers finally reached their highest level in over a decade. The Pending Home Sales Index rose 5.1 percent from 110.7 in March to 116.3 in April. This new high is 4.6 percent over pending home sales recorded in April 2015, which came in at 111.2. The April numbers are just shy of the February 2006 high of 117.4, which is a fantastic sign of the real estate market’s continued growth toward health.

Counting April’s gain, the Pending Homes Sale index has now increased year-over-year for 20 consecutive months. Preliminary May numbers from realtor.com are indicating homes are moving fast and at higher prices than last year.

Some key statistics from these reports include:

  • Length of time homes for sale are listed in inventory: 65 days. This equals the number of days homes were listed in May 2015; however, it is lower than April by 4 percent.
  • Listing price on homes for sale: $250,000. Month over month the May numbers are showing an anticipated 2 percent increase and year over year the increase is expected to be about 9 percent.
  • Homes for sale inventory: Up 4 percent in May from April’s numbers, but year over year the numbers fell approximately 4 percent.

According to NAR Chief Economist Lawrence Yun, 2016 has provided the best first quarter of existing sales since 2007, which were 5.66 million. With increases continuing to climb in April by 1.7 percent, Yun predicts that original estimates for home sales this year will more than likely be surpassed. New estimates are now placing home sale numbers to come in around 5.41 million, which would be a 3.0 percent boost from 2015.

After accelerating to 6.8 percent a year ago, national median existing-home price growth is forecast to slightly moderate to between 4 and 5 percent.

The Why’s and Where’s of These Home Sales Increases

These positive numbers are believed to be coming from consumers who have been waiting for a better economic situation and wanting to take advantage of the low mortgage rates, like those looking at homes for sale in Coral Gables.

Yun says April’s high numbers in pending sales were propelled by the real estate markets in the Western and Southern regions, including homes for sale in Coral Gables. The Northeastern region also experienced gains. The only area that dropped was the Midwest, which declined slightly.

The numbers breakdown for pending home sales in April by regions:

  • Southern region: rose 6.8 percent to an index of 133.9. This number is 5.1 percent higher than April 2015.
  • Western region: soared 11.4 percent to 106.2. This year’s number is 2.8 percent higher than the same time last year.
  • Northeastern region: climbed 1.2 percent to 98.2. This number is 10.1 percent above the numbers a year ago.
  • Midwestern region: declined 0.6 percent to 112.9. This number is still 2.0 percent above what was recorded for April 2015.
Florida Realty News
Florida Realty News
Berkshire Hathaway HomeServices Florida Realty, a wholly-owned subsidiary of WCI Communities, has over 39 locations and more than 1,650 real estate sales professionals and team members serving 17 counties throughout Florida.
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