Pending home sales remain steady in February
Posted on Tuesday, March 27, 2012 at 3:57:16 PM
According to the National Association of Realtors, pending home sales were slightly down in February, but remain significantly higher than rates from the first half of 2011. The Pending Home Sales Index is a predictor based on a large sample contract signings.
Pending home sales decreased 0.5 percent to 96.5 percent in February from the 97 percent high in January. However, January was 9.2 percent above February 2011 which was 88.4 percent.
"The spring home buying season looks bright because of an elevated level of contract offers so far this year," said Lawrence Yun, NAR chief economist. "If activity is sustained near present levels, existing-home sales will see their best performance in five years. Based on all of the factors in the current market, that’s what we’re expecting with sales rising 7 to 10 percent in 2012."
Consumer seeking a new home may wish to consider finding residential financing sooner rather than later. Today’s market of low interest fixed-rate mortgages offers a wealth of savings opportunities to the average buyer. The housing market seems to be righting itself with increased consumer confidence levels, steady pending sales and metros seeing a slight uptick in property values.