April 2007 Market Pulse

The latest housing indicators for the real estate market.

April 1, 2007

Business Confidence Rises

The upward trend continues. Practitioners’ outlook for home sale conditions is up slightly for both buyer and seller traffic. And expectations for the next six months continue the upswing of the past few months. Practitioner confidence was surveyed in February and looks ahead six months.

Results are based on 356 responses to 3,000 surveys sent to large and small real estate offices. The survey asks practitioners to indicate whether conditions are strong (100 points), moderate (50), or weak (0). Responses are averaged to derive results.

Home Sales Reach 7-Month High

Sales of existing homes rose in January, reaching the highest level in seven months. Total existing-home sales — including single-family houses, townhomes, condominiums, and co-ops — increased 3 percent in January to a seasonally adjusted annual rate of 6.46 million units. That’s up from 6.27 million in December 2006. Pending-home sales were down 4.1 percent in January, after a strong upturn in December, possibly the result of severe weather.

*Seasonally adjusted annual rate, which is the actual rate of sales for the month, multiplied by 12 and adjusted for seasonal sales differences.

In 2012 NAR rebenchmarked its existing-home sales data going back to 2007, so reports published between 2007 and 2011 no longer contain up-to-date figures. Find the latest existing-home sales data at REALTOR.org. You’ll find more recent editions of Market Pulse here.

Robert Freedman

Robert Freedman is the former director of multimedia communications at NAR.