The National Association of Realtors’ (NAR) March Pending Home Sales Index showed a third-consecutive increase in contract signing activity this year. Compared to February, pending home sales inched upward by 1.1% and were 11.1% greater than March 2014. In addition to the month-over-month increases observed, the NAR stated that the “index has now increased year-over-year for seven consecutive months and is at its highest level since June 2013.”
While tight inventory continues to be a concern nationally, NAR Chief Economist, Lawrence Yun, stated, “Demand appears to be stronger in several parts of the country, especially in metro areas that have seen solid job gains and firmer economic growth over the past year. While contract activity being up convincingly compared to a year ago is certainly good news, the increased number of traditional buyers who appear to be replacing investors paying in cash is even better news. It indicates this year’s activity is being driven by more long-term homeowners.”
March pending home sales in the West also saw increases. On a month-over-month basis, contract signing activity rose by 1.7% compared to February and was 15.6% greater than the same time last year. Read more at http://bit.ly/1AgMXKl.