The National Association of Realtors created a Pending Home Sales nNdex which tracks pending sales. This is an indicator of sales scheduled to close and accurately predicts the market in the next 30-60 days.
NAR’s index slipped 1.1% to a level of 109.1 in September. The index is measured against pending sales back in 2001, and anything over 100 is greater than the pending sales back in 2001, the start of the real estate boom nationwide.
The south weighs in at 125, which is actually down 9 compared to September 2005, a record year. National economists predict theis index to remain fairly stable the rest of the year, signalling a bottom in the real estate market.
Pending sales in SW Florida real estate remain steady as well.