While the local real estate news has been giving us a snapshot of what has been happening in Miami’s real estate housing market, several housing reports are due out next week, which will give us a national picture of how the housing recovery is fairing.
- Tuesday – S&P Case Shiller home price index: this index tracks changes in the value of residential real estate at both a national level as well as in 20 metropolitan regions (Miami is one them). Although it is calculated monthly and is released on the last Tuesday of every month, it is published with a two month lag. Tuesday’s report will include values through December 2010.
- Wednesday – new home sales : this report is based on a survey conducted by the U.S. Census Bureau that starts with the number of building permits authorized for single family homes .
- Thursday – pending home sales : this index is prepared by the National Association of Realtors (NAR). Because this report looks a homes that are currently under contract, it gives a good picture of where the housing market is headed in the next couple of months. Although many of the pending sales fall through due to a variety of reasons (buyer’s don’t qualify or they get impatient waiting for a bank to approve a short sale are the main reasons in today’s market), many of the sales will close thereby absorbing inventory.
As of today, pending home sales in Coral Gables currently stand at 72 (24 since 1/1/11) versus an inventory of 410 active listings (45 new listings since 1/1/11).
Pinecrest pending home sales are 30 (7 since 1/1/11) and active homes for sale are 196 (17 added since 1/1/11).