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Location: Mars Hill, NC, United States

A small, highly personalized real estate firm specializing in mountain homes and land in greater Asheville.

Friday, March 14, 2008

Pending Home Sales Index: January, 2008

The last piece of housing data released for any month is the Pending Home Sales Index, (PHSI), and the January, 2008 measurement came out last week at 19.6% less than one year ago.

The PHSI was down in every region of the US, and in the South, it declined by 23.8%. This is consistent and not that surprising when we consider the overall supply and demand data for housing which we summarized some days ago.

The obvious conclusion here is simply that the market is not reducing excessive inventories of homes and land by way of any increases in demand. The burden for that lies, as it has for many months, with sellers, and ideas about lower prices.

Comments on The PHSI From Around the Web
The Wall Street Journal

Paper Economy

The Big Picture

Builder Magazine

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