[RBI Pending Home Sales Index] Washington, D.C. Metro Area 7-2011 – Signs of Slipping in Nation’s Housing Market
Posted by Jonathan J. Miller -Wednesday, August 10, 2011, 12:28 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 July 2011 RBI Pending Home Sales Index [Washington, D.C. Metro Area] report:
The number of contracts signed for the month of July fell 10.9% from June, a larger decline than the 7.5% ten year average. While month-over-month contract activity tends to decline in July, the debt ceiling debate dominating media coverage for most of the month probably caused consumers to pause before making a purchase decision. Even with the hesitation, new pending sales reached their highest June total in six years. The 29.3% year-over-year July increase in pending sales activity was a result of last year’s lull in market activity in the months that followed the April 2010 contract signing deadline to qualify for the federal homebuyer tax credit. Median sales price slipped in July to $370,000, consistent with seasonal patterns after reaching a three year high of $379,990 in June. …