Sales Contracts Jump To Highest Level In Months

Sales Contracts Jump To Highest Level In Months

Pending home sales in February zoomed to their highest level in seven months, paving the way for a robust spring. All major regions of the U.S. saw notable gains in contract activity last month, except for the Northeast, according to the National Association of REALTORS®’ latest home sales report.

NAR’s Pending Home Sales Index – a forward-looking indicator is based on contract signings – jumped 3.5 percent to a reading of 109.1 in February. It is 0.7 percent above a year ago.

“After some volatility this winter, the latest data is encouraging in that a decent number of buyers signed contracts last month, lured by mortgage rates dipping to their lowest levels in nearly a year and a modest, seasonal uptick in inventory,” says Lawrence Yun, NAR’s chief economist. “Looking ahead, the key for sustained momentum and more sales than last spring is a continuous stream of new listings quickly replacing what’s being scooped up by a growing pool of buyers. Without adequate supply, sales will likely plateau.”

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Phone: 561-951-3759
Dated: March 28th 2016
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