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Pending Home Sales Dip Slightly, But Higher Than Last Year

  • March 26, 2012

by Shilpi Paul

Pending Home Sales Dip Slightly, But Higher Than Last Year: Figure 1

The National Association of Realtors announced today that pending home sales dropped slightly in February from a peak in January, but the overall pattern was higher than February 2011. Last month, the index dropped to 96.5 from a peak of 97.0 in January. In February 2011, the index was 88.4. The pending sales index measures homes that have gone under contract but not yet closed.

NAR Chief Economist Lawrence Yun on the news:

“The spring home buying season looks bright because of an elevated level of contract offers so far this year. 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.”

While optimistic, the news comes on the heels of a report from the Commerce Department on Friday that new home sales in February fell 1.6 percent, marking the second month in a row that sales have declined and reaching the lowest level since October 2011.

See other articles related to: pending home sales, national association of realtors

This article originally published at http://dc.urbanturf.com/articles/blog/pending_home_sales_dip_slightly_still_higher_than_last_year/5331

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