Still Tough Market out there in Brooklyn NY

This past week, NAR, the National Association of Realtors, reported Pending Home Sales Index. Yes, the number improved a little but there are still some concerns going forward that cannot be denied.

According to NAR, contracts for pending sales of previously owned homes rose faster, up 2% than expected in December after the prior month's sales were revised lower.

The National Association of Realtors Pending Home Sales Index, based on contracts signed in December, was up 2 percent to 93.7 from a downwardly revised reading of 91.9 in November.

However here are concerns:

1: The November number has been revised downwardly to 3.1%
increase from October. (It was reported 3.5% increase before.)

2: December number released this week is 4.2 percent lower than the 97.8 level of a year ago.

That means, even though we are seeing some improvement, this trend may not be sustainable and could head back south. And the level is still at or close to the bottom.

No wonder that houses remain unsold for 8-10 months on the average in the local Brooklyn NY market.

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