Industry News
The latest data from the National Association of REALTORS® (NAR) brings promising news for the real estate market, as pending home sales saw a significant uptick in September. With all four major regions in the U.S. experiencing month-over-month growth in transactions, the Northeast and West are notably leading the charge with year-over-year increases as well.
Key Takeaways for the Northeast Market
For NCJAR members, the Northeast region's growth is particularly relevant. In September, the Pending Home Sales Index (PHSI) for our region rose 6.5% month-over-month to reach 65.6, marking a 3.3% increase from the same time last year. This rise reflects increased activity and may signal more opportunities ahead as buyers responded to slightly lower mortgage rates and increased housing choices during late summer.
As Realtors®, we do much more than facilitate transactions—we shape the communities we serve. This belief is at the heart of the National Association of Realtors® (NAR) Good Neighbor Awards, which recently celebrated its 25th year of honoring agents who go above and beyond through exceptional volunteerism. The 2024 Good Neighbor Awards spotlight five standout Realtors® whose charitable efforts are making a lasting impact.
Pending home sales across the country saw a slight increase in August 2024, rising by 0.6%, according to the National Association of REALTORS® (NAR). For NCJAR members, this uptick provides valuable insights into the state of the housing market, especially as contract signings are a key indicator of future home sales. While the Midwest, South, and West posted monthly gains, the Northeast region, which includes New Jersey, experienced a decline.
Regional Breakdown and Market Trends
The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, increased to 70.6 in August. However, year-over-year, pending transactions are down 3%. This mixed picture points to regional variations in market activity:
- The Northeast saw a 4.6% drop from last month, with a 2.2% year-over-year decline.
- The Midwest grew 3.2% in August but still saw a 3.6% annual drop.
- The South edged up by 0.1%, though it decreased 5.3% from the prior year.
- The West showed the strongest performance, increasing 3.2% from last month and up 2.7% compared to August 2023.
As a member of NCJAR, you know that your clients rely on you to guide them through one of the most significant decisions of their lives—buying a home. With the release of the new Consumer Guide on Open Houses and Written Agreements, you have a powerful tool at your disposal to ensure your clients are well-informed and confident throughout the process.
Why Share This Guide?
The recent changes to the requirements surrounding written agreements might leave some consumers with questions about when and why they need to sign an agreement with their Realtor®. By sharing this guide, you can demystify the process, foster trust, and reinforce your commitment to transparency and clarity. This guide is designed to answer common questions and to highlight the importance of understanding the home-buying process.
