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2015-04-06 11:36:51
Still on the Sidelines?

Pending Home Sales Jump 12 Percent:

Still sitting on the sidelines?  Then you are certainly in the minority as buyers recognize that prices are steadily increasing and good inventory is sometimes difficult to find.  So, they are snapping up property often with multiple offers competing for an active listing.

The National Association of Realtors (NAR) just released their Pending Home Sales (contracts signed but not yet closed) data for February this morning and it appears that cold temperatures and snow did not keep homebuyers away.  The year-over-year increase is an impressive 12%.  On a month-over-month basis, Pending Home Sales were up 4.1% which was much hotter than market expectations of only 0.4%.

'Pending sales showed solid gains last month, driven by a steadily-improving labor market, mortgage rates hovering around 4 percent and the likelihood of more renters looking to hedge against increasing rents,' said Lawrence Yun, chief economist for the NAR. 'These factors bode well for the prospect of an uptick in sales in coming months. However, the underlying obstacle—especially for first-time buyers—continues to be the depressed level of homes available for sale.' 

The gains were primarily driven by sales in the West and Midwest. Pending sales jumped 11.6 percent month-to-month in the Midwest and are now 13.8 percent higher than a year ago. Sales in the Northeast fell 2.3 percent but are 4.1 percent above a year ago. Sales in the South decreased 1.4 percent sequentially, but are 10.8 percent above last February. Sales in the West climbed 6.6 percent and are now 18.3 percent above a year ago.

 
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