Pending Home Sales Index Shot Up 35

Pending Home Sales Index Shot Up 35

Many of us in the housing market know exactly the feeling the legendary hitter was talking about. Last week we got a nice peak at what the spring home buying season may bring us and it was promising.The Pending Home Sales index shot up 3.5% in February, reaching its highest level in seven months. That level is 0.7% ahead of where it was a year ago, and that's 18 months in a row of year-over year gains.This National Association of Realtors (NAR) gauge of contracts signed on existing homes presages future sales. The NAR's chief economist observed, "after some volatility this winter, the latest data is encouraging."

The chief economist for elaborated: "Given the level of pent-up demand evident in web activity and stated buyer intentions...we should see this spring materialize as the busiest season of sales since 2006."Meanwhile, home prices continue to rise, up 5.7% year-over-year in January, according the the S&P/Case-Shiller Home Price Index for 20 major metropolitan areas. Hopefully, these price gains will bring more sellers to market and encourage buyers that purchasing a home is a good hedge against inflation. We are seeing more buyer activity nationally, as the Mortgage Bankers Association' purchase applications index was up 2% for the week ending March 25.

Salvatore Defrisco Headshot
Phone: 561-644-0052
Dated: April 7th 2016
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