January Numbers: Down 7.7%
According to the National Association of Realtors (“NAR”), pending home sales fell 7.7% in January.
A home sale is considered “Pending” once the inspection contingency is removed, but before the Buyer’s financing is finalized and the title is transferred at closing. In a typical deal locally, the interval between a “Pending” and a “Closed” sale is about one month.
Given the growing financial turmoil, it’s hardly surprising that Buyers are balking at making such a major commitment — for most consumers, it is THE biggest ticket purchase they likely make.
When you read that monthly car sales are down 50%, the impact on something much more expensive, like housing, isn’t going to be pretty.