RBI Pending Home Sales Index™ Reports a 33 Percent Jump Year-Over-Year; Home Prices Slip
Rockville, MD – (March 10, 2011) – According to data released today by RealEstate Business Intelligence (RBI), an MRIS company, the Washington, DC metro area housing market showed the largest year-over-year increase in pending home sales although housing prices remained weak.
“There was a 33 percent year-over-year increase in the number of contracts signed in February, the largest increase in more than a decade,” says housing market expert and RBI analyst Jonathan Miller. “The number of signed contracts remains 13.7 percent below the ten year average but activity has begun to expand. Unusually restrictive mortgage lending conditions continue to keep housing prices in check.”
To track the local housing market, the RBI Pending Home Sales Index™ [Washington, DC Metro Area] offers a two-year moving window on the housing market using pending sales and median sold price. The results include new pending sales for each month through and including February 2011. The market area includes: Washington, DC, Montgomery County, Prince George’s County, Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City.
“The RBI Pending Home Sales Index™ provides unique insight into the state of the current housing market by measuring the number of signed contracts through the most recent month, the only metric currently available that does this,” says Miller. “The median sales price, which has an advantage over average sales price because it removes outliers, is provided to show the relationship between signed contract activity and prices.”
Based on the figures released by RBI, Miller dissects the volatility between home prices and pending sales in the Washington, DC Metro area. According to Miller:
The full monthly data report for all jurisdictions in the MRIS region, along with charts and graphics, can be found at www.rbintel.com/statistics. RBI is the only company in the Mid-Atlantic region that provides timely, online access to statistical information directly from the Multiple Listing Service (MLS).
Jonathan Miller is available for comment on this month’s RBI data as well the RBI Pending Home Sales Index™. Interview requests can be sent to Tina McCormack at 301-585-5034 or firstname.lastname@example.org.