Pending Home Sales Up After Months of Ho-Hum Reports
A Georgetown home sold in March.
After months of disappointing reports, news out today reveals that pending home sales were up in March — suggesting the long winter is finally over.
The Pending Home Sales Index from the National Association of Realtors rose 3.4 percent to 97.4 in March, an improvement from February but still down from a year ago, when the index sat at 105.7. The index is based on a broad survey of pending sales of existing homes, and an index of 100 is equal to the average level of contract activity during 2001, which is the first year the measurement was recorded.
The NAR’s chief economist, Lawrence Yun, said in a news release that the uptick was expected.
“After a dismal winter, more buyers got an opportunity to look at homes last month and are beginning to make contract offers. Sales activity is expected to steadily pick up as more inventory reaches the market, and from ongoing job creation in the economy.”
Pending sales rose the most in the western and southern U.S., where they were up about 5.7 percent. The midwestern U.S. fared worst, where sales dropped 0.8 percent.
See other articles related to: national association of realtors, pending home sales
This article originally published at https://dc.urbanturf.com/articles/blog/pending_home_sales_up_after_months_of_ho-hum_reports/8415.
Most Popular... This Week • Last 30 Days • Ever
DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »
In this article, UrbanTurf looks at the estimated annual maintenance costs associated... read »
Today, UrbanTurf is examining one of our favorite metrics regarding competition in th... read »
The residential development in the works along Florida Avenue NE is looking to increa... read »
Airbnb's push to build condos; the Virginia town that Gen-X loves; and Ohtani's Hawai... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro