The Pending Home Sales Index, rose for the third month in a row 6.7 % from March, and is 3.2% above April 2008. Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. The $8,000 tax credit is beginning to impact the market, since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.

In the Northeast pending sales rose 32.6 % in April and is 0.8 % above a year ago. The total number of existing-home sales is expected to improve but it is subject to greater variability: Mortgage processing time has increased, it is taking many months to close on those homes requiring short sales with lender approval, and some sales are falling through at the last moment.

NAR’s Housing Affordability Index also rose in April from March, and was the second highest monthly reading after January of this year.  A family earning $60,900 could afford a home costing $296,800 in April with 20% down assuming 25% of gross income is devoted to mortgage principal and interest. The affordable price was well above the median existing single-family home price in April, which was $169,800.

Visit Realtor.org for more information.

             This week I was supposed to have Brad Hyson from the Apeiron Institute for Sustainable Living on to talk about the Sustainable Living Festival and Clean Energy Expo  being held next Saturday and Sunday June 6 and 7^th, in western Coventry, but unfortunately, there was a technical glitch and we were not able to speak with him.  The festival takes place in a variety of indoor and outdoor settings including Apeiron’s Center for Sustainable Living, The center is Rhode Island’s premier educational facility for energy conservation and environmental building technologies. The building uses almost 70% less energy than a traditional building its size, and more than 50 environmentally friendly building technologies and products.

 Festival goers have to park at the Western Coventry School on Route 117, and board the FREE Bio-Diesel shuttle buses that will shuttle people back and forth throughout the day, and handicap parking is available.

Workshops at festival include:

•  Advanced Building Envelope Technology
• Eco-House Tour
•  Renewable Energy for home and business
• Personal Approaches to Sustainability
• Retrofitting with Renewables & Energy Saving Ideas
• The RI Energy Star Homes Program
• Sustainable Living, One House at a Time
• Thermosiphoning Hot Water Heater for Solar Showers

This Week’s Real Estate Insight:

Making our households more green is the first step toward making Rhode Island a sustainable state.  The next step is taking these individual actions and molding them into a movement.  Click here for some of the most effective ways your household can move towards sustainability.