After a February slump, last month’s pending home sales showed up, recovering by 3.9 percent, according to the March National Association of REALTORS® Pending Home Sales Index, based on contract signings.
On an annual basis, however, sales slid 1.2 percent, now down for the 15th month in a row.
Activity lit up in four of the major regions in the U.S.:
“We are seeing a positive sentiment from consumers about home-buying, as mortgage applications have been steadily increasing and mortgage rates are extremely favorable,” says Lawrence Yun, chief economist at NAR.
“In the year 2000, we had 5 million home sales,” Yun says. “Today, we are close to that same number, but there are 50 million more people in the country. There is a pent-up demand in the market, and we should see a better-performing market in the coming quarters and years.”
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