PVE Home Pending Sales Trend Upward

The National Association of Realtors recently published its latest study on home sales and there has been a significant improvement.

From a Jan. 20 Realtor Magazine article:

“Existing-home sales continued on an uptrend in December, rising for three consecutive months and remaining above where they were a year ago, according to the National Association of Realtors. The latest monthly data shows total existing-home sales rose 5 percent to a seasonally adjusted annual rate of 4.61 million in December from a downwardly revised 4.39 million in November, and are 3.6 percent higher than the 4.45 million-unit level in December 2010. The estimates are based on completed transactions from multiple listing services that include single-family homes, town homes, condominiums and co-ops.”

Read the full article here.

But while national trends are interesting, what’s happening on the local level? Let’s take a look at Palos Verdes Estates real estate. Are pending sales (these are the Palos Verdes Estates homes that are entering escrow) increasing or decreasing? What’s the general trend? Obviously no matter what asset class we study, nothing goes straight line up or straight line down. So take a careful look at the highs and lows.

Are there “higher highs” and “higher lows”? What’s this tell you about what the market’s direction might be in the next few months?

You are welcome to request access to other charts I keep for the Palos Verdes real estate market and general South Bay real estate market here.