Lakeshore Analytics

Fall in pending sales sharpest in Midwest

The NAR’s pending home sales index trended down last month, and though it remains above year-ago levels, year-ago levels were especially depressed due to the effects of homebuyer incentives. Overall, the index declined 4.6% from last month. In the Midwest, the index dropped 6.2%, the sharpest drop of all four regions. Several press reports indicated [...]

Affordability is high (for what it’s worth)

Housing affordability is far higher now than at any time in recent years, according to NAR’s index that compares incomes, mortgage rates, and home prices into an index of “affordability.” Here’s the chart from Moody’s (“Limping along,” Oct. 12): This will work at the margins–some people sitting on the sidelines will find a good home [...]