More good news for the housing market: Pending home sales increased 3.1 percent in February to their highest level in 20 months.
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ANational Association of Realtorsâ indexbased on contract signings rose to 106.9 in February. Thatâs 12 percent over where it was a year earlier. The Pending Home Sales Index has been above 100 â the level indicating average activity â for 10 straight months.
NAR Chief EconomistLawrence Yunsaid the increase in pending home sales was âdriven by a steadily improving labor market, mortgage rates hovering around 4 percent and the likelihood of more renters looking to hedge against increasing rents.â
âThese factors bode well for the prospect of an uptick in sales in coming months,â he said. âHowever, the underlying obstacle â especially for first-time buyers â continues to be the depressed level of homes available for sale.â
First-time buyer accounted for 29 percent of pending home sales in February, up from 28 percent in January.
âThe return of first-time buyers this year will depend on how quickly inventory shows up in the market,â Yun said.
Pending home sales fell in the Northeast and the South in February, but increased in the Midwest and West.
Realtors project sales of existing homes will total 5.25 million this year, up 6.4 percent from 2014. Existing home sales fell 2.9 percent in 2014.
Author:Treehouse Realty Phone: 480-426-1590 Dated: March 31st 2015 Views: 670 About Treehouse: ...