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Do Three Months of Rising Home Sales Mean The Market is Turning a Corner?

  • March 29th 2023

by UrbanTurf Staff

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A Dupont Circle condo that found a buyer in February.

Is the housing market turning the corner? If home sales are any indication, it just might be. 

After increasing in January by the largest amount in two and a half years, pending home sales rose again in February, albeit incrementally. The National Association of Realtors announced Wednesday that home contract signings rose just under 1% last month compared to January.

“After nearly a year, the housing sector’s contraction is coming to an end,” said NAR Chief Economist Lawrence Yun. “Existing-home sales, pending contracts and new-home construction pending contracts have turned the corner and climbed for the past three months.”

With interest rates falling over the last two weeks, it will be interesting to see if the market maintained its momentum in March. 

See other articles related to: pending home sales

This article originally published at https://dc.urbanturf.com/articles/blog/do_three_months_of_rising_home_sales_mean_the_market_is_turning_a_corner/20840.

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