March 30th 2012
Pending Home Sales Ease Off
Pending home sales fell slightly in February, but continue to run well ahead of last year’s pace, the National Association of Realtors (NAR) reported today.
Signed contracts for home sales were down a seasonally adjusted 0.5 percent from January, putting the NAR’s pending home sale index at 96.5. That still represented an increase of 9.2 percent from the February 2011 reading of 88.4. Pending home sales are regarded as a leading indicator for the real estate market, typically anticipating trends in actual sales by one to two months, owing to the time needed to close the sale after a purchase contract is signed.
Long-term gains still expected
Despite the small downturn, NAR Chief Economist Lawrence Yun said the overall trend in the housing market remains encouraging. “The spring home buying season looks bright because of an elevated level of contract offers so far this year,” he said. “If activity Full Article…
Tags: Home Sales, Pending Home, Pending Home Sales, Sales