While January’s existing-home sales started the year out slowly, pending home sales went the opposite direction. According to the National Association of Realtors’ (NAR) recent Pending Homes Sales Index, contract signings in January were 1.7% greater than the previous month and 8.4% higher than the same time last year. The NAR indicated that the pace of contract signings were at their “highest level since August 2013.”
Despite persistently low inventory levels, the NAR indicated that the surge in pending contracts is reflective of the underlying buyer demand within the market. Comparing housing market conditions in 2015 to 2014, NAR’s Chief Economist, Lawrence Yun, stated, “The difference this year is the positive factors supporting stronger sales, such as slightly improving credit conditions, more jobs and slower price growth.” Read more at http://bit.ly/1AREVtD.