Pending home sales have increased for the second consecutive month, a development that easily surpassed expert expectations.
The National Association of Realtors reports that in September, the index, which measures pending home sales, rose to 108.7, up by nearly 1.5 percent month over month. The index is a leading indicator of future sales and a good barometer of the overall real estate health.
The news builds upon recent trends. This is the fourth time in five months that pending home sales gained strength.
What is triggering this real estate growth and optimism? Lower interest rates may be one of the drivers. Despite the steady uptick to home prices, individuals are still entering the market with confidence and eagerness to take advantage of low borrowing rates.
Experts believe the pending home sales would be even higher, but current inventory levels cannot accommodate additional growth.
Given the favorable real estate climate, builders may be enticed to meet demands with new residential developments, such as condos.
As the market continues to roar, there may be no better time to consider buying in the Seattle/Renton/Tacoma areas. Low-interest rates are leading to high consumer confidence. Future homebuyers are also attracted to the regions’ beauty. From the vibrant urban cores, cultural districts and stunning waterfront destinations, there’s a lot to love about Seattle and beyond.
If you’re thinking about buying here, please contact us so we can tell you more about our services and how we can work together to meet your real estate goals.