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Good News for Local Nyack and National Real Estate Market

Good news in the real estate market. Pending home sales moved up slightly in October month-over-month, enough to inch sales contracts up to the highest level since July, according to the latest reading from the National Association of REALTORS®’ Pending Home Sales Index, a forward-looking indicator based on contract signings.

Nationwide, pending home sales managed a 0.1 percent month-over-month increase in October to a 110 reading on NAR’s index. The index is now 1.8 percent higher than a year ago.

“Most of the country last month saw at least a small increase in contract signings and more notably, activity in all four major regions is up from a year ago,” says Lawrence Yun, NAR’s chief economist. “Despite limited listings and steadfast price growth that’s now carried into the fall, buyer demand has remained strong because of the consistently reliable job creation in a majority of metro areas.”

Housing supply remains a major hurdle for the market, and the latest seasonal retreat in listings – while expected – could make it an even bigger issue for potential buyers, Yun says. Home price growth remains around triple the pace of wages, and properties are selling at a much faster pace than a year ago, he adds. Forty percent of sales in October sold at or above the list price, up from 33 percent a year ago