The most recent data from the National Association of Realtors revealed a slight bump in contracts with an increase of 1.6% in December. This news comes as existing home sales are also forecasted to be on pace for 5.54 million in 2017, a 1.7% over 2016, which was the best year for sales in a decade.
The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed.
According to NAR’s Chief Economist, Lawrence Yun,
“Pending sales bounded last month as enough buyers fended off rising mortgage rates and alarmingly low inventory levels to sign a contract.”
The Bottom Line is
Buyers are out in force right now! If you are considering selling your home this year, the early months of 2017 will be your best option. Contact a local professional today to capitalize on current market conditions.
So the story this year will be in the early months of 2017 inventory in south florida will remain tight and price will will keep inching up
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