Looks like pending homes sales for the Austin area are heating up ahead of the Tax credit contract deadline (must have house under contract by April 30th). This chart shows months of inventory based on pending home sales and active listings. This is a more forward looking view as opposed to months of inventory using the closed to active ratio which looks backward. Some sale will of course drop off on the pending sales side but it does give us a indication of momentum. Based on what I am seeing we should see the pending sales numbers peak towards the end of the month. This peak will give us a good indication of what we can expect in closings for May and June. June 30th is the last day to close and fund to be eligible for the tax credit.
Pending Home Sales for the Austin Area are on Fire!
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It’s a relief to see home sales increase due to the tax credit. Undoubtedly, they will level off after the expiration but it’s noce to see the numbers up now.