What's Hot: Barnes and Noble Will Return to Georgetown in June | The 3,000 Units On The Boards From Trinidad to Gallaudet
Pending Home Sales Dip Slightly, But Higher Than Last Year
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: national association of realtors, pending home sales
This article originally published at https://dc.urbanturf.com/articles/blog/pending_home_sales_dip_slightly_still_higher_than_last_year/5331.
Most Popular... This Week • Last 30 Days • Ever
Rossdhu Gate is the remaining piece of a 30-room castle built by socialite Daisy Calh... read »
A Home Equity Line of Credit, commonly referred to as HELOC, is a borrowing product t... read »
Georgetown Metropolitan reported on Tuesday that the Instagram account for the nation... read »
The Gen Z market; ranking food halls around DC; and is this the new king of Queens?... read »
The term "luxury" has been applied broadly in the housing market, but a new report ai... 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