The Pending Home Sales Report for the month of April of 2008 was released by the National Association of Realtors Monday.  Analysts expected the number to drop by .5% compared to the March of 2008 Pending Home Sales Report, but instead the index shot up by 6.3%, which one would think would give hope to those sellers in the greater Nashua NH real estate market. 

The Pending Homes Sales Report is frequently looked at as a leading indicator in the greater Nashua NH real estate market.  There are three major home sale reports that are released monthly:

• New Home Sales:  As the name implies, how many new home sales were sold that month 
• Existing Home Sales: Same report structure, except how many existing homes were sold 
• Pending Home Sales: Tracks how many homes were put under agreement that month.  This particular report is a useful forecasing tool as before homes close they need to go under agreement.  By looking at this report one can have a more educated guess as to how many homes will sell in the next few months.

Breaking it down by region, the Midwest put in an astounding 13% increase, followed by the West at 8.3%, then by the South at 4.6%.  Unfortunately, the Northeast, of which includes the Nashua NH real estate market, declined -1.9%.  The Northeast has been the hardest hit on this report for the past year.  

What does this mean for home buyers looking in the greater Nashua NH real estate market?  From what I can tell, lower prices coupled with the ability to still purchase homes with no down payment are enticing buyers who were sitting on the fence to come back out into the market.  Sellers who are pricing their homes competitively are selling their homes to these buyers.  Also, banks with expanding foreclosure property inventories are finally getting with the program and pricing those homes to sell.

Andy Benjamin
REMAX Properties I
603-674-5864 (cell – best way to reach)

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