Pending Home Index Shows Recent Real Estate Gains

BEVERLY HILLS, Calif., July 1, 2011 /PRNewswire/ -- Findings from the National Association of Realtors' (NAR) Pending Home Sales Index reveal that contract signings rose 8.2% in May, which is 13.4% higher than May 2010. This represents the largest gain since November 2010, and the greatest increase from year-ago percentages since April 2010.

Lawrence Yun, chief economist for NAR, believes that this signals good news for residential real estate. "This solid gain in contract signings implies that home values in many localities are or will soon be stabilizing as inventories get absorbed at a faster pace," Yun said. According to the NAR study, pending home sales have steadily climbed during seven of the previous 11 months.

"The NAR study reflects what I've seen in high-end Los Angeles real estate," says Myra Nourmand, Los Angeles Real Estate Broker and author of the book From Homemaker to Breadwinner.

The uptick in high-end real estate sales is often considered a sign of buying trends that will occur in other segments of the market. "Luxury homes are moving, escrows are closing, prices are coming down, and buyers realize it's a good time to buy. They're taking advantage of the market," says Nourmand.

For proof, Nourmand points to recent multi-million dollar homes that have sold in the area of Los Angeles where she works, which includes Beverly Hills, Bel Air, Holmby Hills and Brentwood. In June, the 57,000-square-foot estate of Hollywood producer Aaron Spelling, which was listed for $150 million, was sold to billionaire heiress Petra Ecclestone. In addition, a $40 million Bel Air mansion and two homes in Beverly Hills and Holmby Hills each listed for $20 million recently closed escrow.

Historically, the three-part formula for high curb appeal has been prime location, attractive architecture, and sought after square footage. The burst of the housing bubble caused a home's price to take precedence above all else - at least that's what it seemed like based on media reports. Where Nourmand works, however, location, architecture, and square footage remain at the top of buyers' priorities. "None of my clients are short-selling their homes, so you won't find any fire sales among my listings," says Nourmand. In addition, foreclosures and subprime fallout are non-existent within her housing inventory. Meanwhile, comparably prestigious outlying areas, which were often viewed as alternatives to high-end L.A. neighborhoods, have experienced hard times.

Nourmand maintains that several factors have contributed to strong sales where she works. "If a sluggish economy and high fuel prices are the norm - and that's what the news indicates - then demand for property in desirable neighborhoods near urban centers should remain strong," says Nourmand.

To learn more about real estate sales trends and the book From Homemaker to Breadwinner, visit Myra Nourmand's blog at http://www.homemaker2breadwinner.com.

Contact:
Lawrence Ineno
Tel: 310.508.5750
[email protected]

About the Author: Myra Nourmand is the First Lady of Beverly Hills Real Estate. She is a top-producing broker for Nourmand and Associates, a real estate firm specializing in Los Angeles premiere properties. Myra's life experiences have inspired her throughout her career. While raising her children, she became a licensed broker. She quickly earned top sales status, and 20 years later she continues to love her work every day. A native of New York, the author earned her B.A. at SUNY-Buffalo. Myra and her husband, Saeed, have called Beverly Hills home for the last 30 years.

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SOURCE Myra Nourmand