Home Sales in Denver are on the Rise

I hope everyone had a wonderful Holiday Season so far. Jenny and I recently returned from the wonderful state of Texas and thoroughly enjoyed spending time with family and friends! With that being said, there is good news to be had in the Denver Real Estate markets!

Pending home sales reached the highest level in 19 months, according to the National Association of Realtors.

The Pending Home Sales Index, an indicator based on contract signings, increased 7.3 percent to 100.1 in November from an upwardly revised 93.3 in October and is 5.9 percent above November 2010 when it stood at 94.5. The October upward revision resulted in a 10.4 percent monthly gain. The last time the index was higher was in April 2010 when it reached 111.5 as buyers rushed to beat the deadline for the home buyer tax credit. What this means is more people are buying homes.

Lawrence Yun, NAR chief economist, said the gains may result partially from delayed transactions. “Housing affordability conditions are at a record high and there is a pent-up demand from buyers who’ve been on the sidelines. November is doing reasonably well in comparison with the past year. The sustained rise in contract activity suggests that closed existing-home sales, which are the important final economic impact figures, should continue to improve in the months ahead,” Yun stated.

The PHSI in the Northeast rose 8.1 percent to 77.1 in November but is 0.3 percent below November 2010. In the Midwest the index increased 3.3 percent to 91.6 in November and is 9.5 percent above a year ago. Pending home sales in the South rose 4.3 percent in November to an index of 103.8 and remain 8.7 percent above November 2010. In the West the index surged 14.9 percent to 121.2 in November and is 2.9 percent higher than a year ago.

With all this good news, I hope everyone gets out on New Year’s Eve and watches the Downtown Denver Fireworks display on 16^th Street Mall. The show starts at 9:00pm and is a great way to ring in the New Year. Jenny, Anton and everyone at Usaj Realty wish you all a wonderful Holiday Season and a Happiest of new Years!

Anton Usaj
Usaj Realty
You say, We listen


p.970-471-9832
f. 720-285-1934
1700 Bassett St. Suite 502
Denver, CO 80202

www.usajrealty.com