[RBI Pending Home Sales Index] Washington, D.C. Metro Area 6-2011 – Signs of Slipping in Nation’s Housing Market
Posted by Jonathan J. Miller -Monday, July 11, 2011, 9:56 PM
Today we released the RBI Pending Home Sales Index for both Washington, D.C. and Baltimore metro area housing markets for RealEstate Business Intelligence (RBI), the research, analytics arm of MRIS, the largest MLS in the country. It is released 10 days after the close of each period, about 3 weeks before the NAR Pending Home Sale Index and 182 days before the Case Shiller Home Price Index covering the same period.
Here’s an excerpt from the just released June 2011 RBI Pending Home Sales Index [Washington, D.C. Metro Area] report:
…Pending home sales continued their return to more consistent historical patterns, while reaching their highest June total in 6 years. The 6.9% month-over-month decline in contract signings was consistent with the 5.2% monthly decline averaged over the prior decade. The 29.5% year-over-year June increase in pending sales activity was due to the comparison with last year’s post-tax credit drop in activity, not a current surge in demand. With the expansion of new contract activity in 2011, median sales price continued to rise in June reaching $379,990, its highest level since July 2008 and was 7.3% above June 2010 and 7.5% above May 2011…