So with all the negative housing news we have been hearing over the last several years, any sign of a move upward is cause for celebration.  The news that caused all the hubbub was that pending sales of existing homes in February rose 2.1 percent nationally from the record low experienced in January. While some may say that one “month over month” positive figure cannot provide true guidance, Wall Street did react favorably to the news by buying home builders’ stocks.

The pending-sales index is a monthly measure of agreements for home purchases that will close within 90 days.

Unfortunately, the eight-county Philadelphia metro area was not able to join the party. Reviewing the Prudential Fox & Roach HomExpert report shows pending-sales falling 7.7 percent in February from January. Hit hardest were Camden and Gloucester Counties which both experience an almost 21% decrease is pending sales.

Local Pending Sales – January vs. February

Data below is for the eight counties in the Philadelphia region

County                2009           2009           change

Bucks                    59.8             60.5         +1.2%

Burlington           51.8             47.4          -8.5

Camden               67.5             53.6          -20.6

Chester                58.8             53.6          -8.8

Delaware             71.3             69.7          -2.2

Gloucester          69.5             55.0          -20.8

Montgomery     63.7             60.4          -5.2

Philadelphia       87.3             81.9          -6.1

Eight-county      68.0             62.8          -7.7

SOURCE: Prudential Fox & Roach HomExpert Report