What to Watch For
The current reporting week marks a critical post-tax credit moment for the MRIS region. For the week ending 5/29, Pending Sales surpassed last year’s levels for the first time after the credit ended.
The 2,454 signed purchase agreements were just over an 11 percent increase over the same last year week year. about half of the three-month average increase that was obviously inflated by the credit.
New Listings, too, posted their first positive, post-credit year-overyearchange. The 3,849 new homes on the market for the week ending 5/29 was a cozy 3.6 percent increase over last year. That’s still just over one-fifth of the three-month average increase that was, again, undoubtedly inflated by the credit.
At present, inventory stands at 59,958 active listings, which is 12.5 percent less than this time last year. This is more or less on par with the three-month average inventory declines of just over 13 percent.
Continue to keep a close eye on mortgage rates and long-term housing demand by way of mortgage application volumes.
