Pending Home Sales Up After Months of Ho-Hum Reports

• April 28, 2014

by Lark Turner

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.

This article originally published at http://dc.urbanturf.com/articles/blog/pending_home_sales_up_after_months_of_ho-hum_reports/8415