Weekly Scorecard 11-15-10
The trend of inventories falling continues. This is a common trend for this time of year. However in Q4 in 2008 and 2009 this trend was much milder and we actually saw inventories growing in a couple of months as many bank owned homes were being brought to the market. We really won’t know much of the long term trends until the January numbers start coming in.
The other note worthy trend with the new numbers is that it appears more buyers are coming into the market. In some areas pending sales have started exceeding closed sales. Having pending sales rise this time of year is a counter trend. Pending sales usually fall with the inventory as the market winds down at the end of the year. As you know we have discussed that pending sales fell off the table as the home buyer tax credit expired. They are now recovering and we will see how that trend shakes out at the first of the year.
The spreadsheet is here: Weekly scorecard 11-15-10