A Historic Rebound
It is no secret that the Montecito and Santa Barbara real estate market has been on fire, with listings flying off the market, often with multiple offers and over asking price. But it seems the housing market is making a rebound nationally like never before, which is a good sign for us all. Buyers are making their move!
Pending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the National Association of Realtors (NAR) started tracking this metric in January 2001. So, what exactly are pending home sales, and why is this rebound so important?
According to NAR, the Pending Home Sales Index (PHS) is:
“A leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.”
In real estate, pending home sales is a key indicator in determining the strength of the housing market.
As of today, there are currently 54 homes pending in Montecito, proving the strength of our current market. It seems the third quarter of the year will continue to be a busy one!