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.”
Author:Victor DeFrisco Phone: 561-951-3759 Dated: March 28th 2016 Views: 149 About Victor: ...
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