When it comes to home prices, the real estate market is giving us a wink and a smile, hinting that things will be okay…at least in the short term.

An important economic indicator suggests housing prices might soon be leaping.

Ever wish you knew whether real estate sales were about to rise or fall? Us too.

That’s why Office Economists came up with the “pending sales index,” which is like the head cheerleader of the real estate market. When pending sales jumps up (or down) prices tend to follow a two months later.

Pending sales are a behind-the-scenes peek at activity in the housing market. It’s juts a single number that measures the number of properties that are under contract (buyers who have not yet closed.)

Take a look below at pending home sales in your region and remember, it’s not the number that matters but how much it’s increased. The bigger the rise in pending sales, the bigger the rise in actual sales, the more muscle that’s building in the market.

PENDING HOME SALES

  United States Northeast Midwest South West
2008 Oct 84.3 66.5 76.0 82.5 109.6
2008 Nov 65.7 43.6 57.1 68.3 87.8
2008 Dec 57.9 37.8 51.5 65.1 69.1
2009 Jan 68.4 44.1 59.5 67.7 97.6
2009 Feb 75.3 57.6 79.4 76.3 83.3
2009 Mar 96.5 77.7 95.4 102.4 103.2
2009 Apr 107.1 97.3 111.2 114.7 98.5
2009 May 105.5 103.5 101.4 108.6 106.6
2009 Jun 116.3 106.9 112.2 125.9 112.8
2009 Jul 107.7 84.6 95.1 118.8 121.7
2009 Aug 111.4 88.6 95.2 111.4 146.3
2009 Sept r 102.7 72.4 94.2 99.0 140.9
2009 Oct p 108.4 92.6 101.7 108.4 127.6

 

source: National Association of Realtors