Friday, June 1, 2012


In May of 2011 the number of homes sold in Nevada County was 117 and in May 2012 there were 124 sold properties. Which represents a 5 percent increase year over year.

In April of 2011 the number of homes sold in Nevada County was 98 and in April 2012 there were 113 sold properties. Which represents a 15 percent increase year over year.

In April 2012 there were 113 homes sold and in May 2012 - 124 homes sold which is a 10 percent increase month over month.

The Nevada County data shows both year over year growth as well as month to month growth.

There was some news out of Washington on May 30, 2012, the nations pending home sales declined in April following three consecutive monthly gains, but are notably higher than a year ago, according to the National Association of Realtors.

Nevada County sales volume is bucking the national trend with it's continued housing sales strength.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, declined 5.5 percent to 95.5 from a downwardly revised 101.1 in March but is 14.4 percent above April 2011 when it was 83.5. The data reflects contracts but not closings.

Lawrence Yun, NAR chief economist, said a one-month setback in light of many months of gains does not change the fundamentally improving housing market conditions. “Home contract activity has been above year-ago levels now for 12 consecutive months. The housing recovery momentum continues,” he said.
Yun notes home sales are staying well above the levels seen from 2008 through 2011. “Housing market activity has clearly broken out at notably higher levels and is on track to see the best performance since 2007,” he said. “All of the major housing market indicators are expected to trend gradually up, but a new federal budget must be passed before the end of the year for the economy to continue to move forward.”

The PHSI in the Northeast rose 0.9 percent to 78.9 in April and is 19.9 percent higher than April 2011. In the Midwest the index slipped 0.3 percent to 93.0 but is 23.0 percent above a year ago. Pending home sales in the South fell 6.8 percent to an index of 105.7 in April but are 13.3 percent higher than April 2011. In the West the index dropped 12.0 percent in April to 94.9 but is 5.1 percent above a year ago.

The housing forecast has been upgraded, with existing-home sales expected to reach 4.66 million this year, compared with 4.26 million in 2011. The outlook for 2013 is now 4.92 million, but could vary significantly depending on two scenarios.

Miami and Phoenix will easily achieve double-digit price growth by year end.

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