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Friday, May 24, 2024   /   by Rich McNell

Understanding Pending Home Sales: A Key Indicator for Market Trends

In the world of real estate, staying ahead of market trends is crucial. One of the most insightful metrics for gauging the health and direction of the housing market is pending home sales. Let’s delve into what pending home sales are and why they are a significant indicator for market trends.
Pending home sales refer to homes that have a signed contract but have not yet closed. These sales are in the "pending" stage, meaning the transaction is on its way to completion, typically within one to two months. The National Association of Realtors (NAR) tracks these transactions through the Pending Home Sales Index (PHSI), which provides a monthly snapshot of housing activity.
Pending home sales are a vital indicator for several reasons. First, they offer a glimpse into the future of the housing market. Since these transactions are set to close soon, a rise or fall in pending sales can predict future closed sales and overall market activity. For instance, an increase in pending sale; ...

Tuesday, May 21, 2024   /   by Rich McNell

Navigating the California Real Estate Market in 2024: Key Trends and Insights

As we move through 2024, the California real estate market continues to be one of the most dynamic and complex markets in the United States. Whether you're a buyer or a seller, understanding the current trends can help you make informed decisions. Here's a look at some of the key trends shaping California's residential real estate market this year.

1. Continued High Demand and Low Inventory
The California housing market remains competitive, with high demand and low inventory being significant factors. Many potential sellers are holding onto their properties due to the uncertainty in the economy and rising mortgage rates, which in turn limits the number of homes available for sale. This scarcity is driving up prices, making it a seller's market in many regions.

2. Rising Mortgage Rates
Mortgage rates have been on an upward trajectory, affecting both buyers and sellers. Higher rates mean higher monthly payments, which can deter some buyers from entering the market. For sellers, t ...
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